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  • Morning Bell: The High Price of Obama's Fake Jobs Scheme

    Sometimes magic tricks just aren’t that great, and even the most innocent, wide-eyed child can’t be fooled by the illusionist’s flourish. Such is the case with the rabbit the White House is trying to pull out of its magic hat by claiming that President Barack Obama’s stimulus has created or saved 2.4 million jobs at a cost of $666 billion, all while the United States continues to suffer 9.1 percent unemployment. If you do the math, that comes out to around $278,000 per job.

    That information comes from a White House Council of Economic Advisers (CEA) report released last Friday that desperately tries to maintain the illusion that Obama’s stimulus has saved the day for struggling Americans.

    If you take the CEA at its word, you might be a bit confused. Two quarters ago, it claimed that the stimulus added or saved just under 2.7 million jobs. That’s 288,000 more jobs than it claims the stimulus has created or saved today. (The Congressional Budget Office has downgraded its claim of the stimulus’ “success,” too.) Compare that to the President’s promise to create 3.5 million jobs by 2010—the economy, instead, lost millions of jobs, leaving Obama 7.3 million jobs short of his goal.

    As critics slam the report—and the high cost of the jobs the stimulus supposedly created—White House officials are scurrying to offer up a defense of an economic policy gone wrong. They claim that the President’s critics are using disingenuous calculations that don’t take into account other factors. ABC’s Jake Tapper reports:

    Then, as now, White House officials note that the spending didn’t just fund salaries, it also went to the actual costs of building things — construction materials, new factories, and such. So the math is flawed, White House officials say, since reporters are not including the permanent infrastructure in the computation, thus producing an inflated figure.

    In reality, the White House is probably better off fighting over those numbers than over the unemployment statistics staring the President in the face. Those stats are based on real-world facts—a tally of the millions of unemployed Americans—not “mainstream estimates of economic multipliers” that are the stock-in-trade of the CEA’s rosy predictions.

    The facts are these: Last month, the average length of unemployment stood at 39.7 weeks, the longest since the Department of Labor began tracking it. The unemployment rate increased from 9.0 to 9.1 percent, 13.9 million Americans are unemployed, the economy added only 54,000 jobs, and the labor force participation rate remained flat at 64.2 percent, an all-time low for the fifth straight month.

    According to yesterday’s Wall Street Journal, “the economy’s improvement since the recession’s end in June 2009 has been the worst, or one of the worst, since the government started tracking these trends after World War II.” And things aren’t getting better anytime soon. In short, the stimulus did not work. Jobs were lost, not created, and the economy is suffering the effects.

    The Heritage Foundation’s James Sherk writes that a slow recovery is likely, despite the White House’s much-vaunted claims. At an average of 260,000 net jobs added per month, unemployment will not return to its natural rate until August 2014. At an average of 216,000 new jobs per month, it will take until October 2015 to return to normal. But, Sherk warns:

    These are optimistic assumptions. The late 1990s was a period of unusually strong economic growth. During the 2003–2007 expansion, employers added an average of 176,000 jobs per month. If the recovery takes that more recent pace, unemployment will not return to normal rates until January 2018.

    What if the economy continues at its current pace? In that case, Sherk says, we’ll be stuck with high joblessness into the distant future—the unemployment rate in January 2021 would stand at 7.4 percent.

    The stark reality of America’s unemployment picture aside, there remains the notion that stimulus spending on infrastructure could have “created or saved” jobs in the first place, whether the price tag is $50,000 per job or $700,000. Brian Riedl, formerly of The Heritage Foundation, disputes that theory:

    [M]any lawmakers claim that every $1 billion in highway stimulus can create 47,576 new construction jobs. But Congress must first borrow that $1 billion from the private economy, which will then lose at least as many jobs. Highway spending simply transfers jobs and income from one part of the economy to another.

    As Heritage Foundation economist Ronald Utt has explained, “The only way that $1 billion of new highway spending can create 47,576 new jobs is if the $1 billion appears out of nowhere as if it were manna from heaven.”

    Manna has not descended from heaven, and a rabbit is not emerging from the White House’s hat anytime soon. But like an incompetent fire department trying to save the basement of a building burnt beyond recognition, the White House is trying to salvage the remains of an economic policy gone wrong.

    History should be the President’s guide. According to Riedl, in the 1930s, New Deal lawmakers doubled federal spending—yet unemployment remained above 20 percent until World War II. Fast-forward to Japan’s 1990 recession, in which the country passed 10 stimulus spending bills over eight years, which resulted only in a stagnant economy. And in 2001 and 2008, President George W. Bush attempted to stimulate the economy with tax rebates, neither of which generated economic results.

    President Obama would do better by the American people if he gave up the fiction he is trying so desperately to maintain and recognize that it’s the private sector, not government, that creates jobs and keeps the country running—without costing the taxpayers hundreds of billions of dollars.

    Quick Hits:

    Posted in Economics [slideshow_deploy]

    71 Responses to Morning Bell: The High Price of Obama's Fake Jobs Scheme

    1. phillydkidder says:

      Obama Lost in Space while Nasa Dissappears

    2. Turner says:

      One word to describe Obama: "DISSIMULATION". Each job at $45,000 per year @ 20%(adjusted for deductions, etc.) takes 30.89 years to BREAK-EVEN! October 24, 2041! Things are GREAT.

    3. Ken Jarvis - Vegas says:

      Where are the JOBS the GOP PROMISED in the last election?
      They said, over and over and over –
      Elect the GOP and there will be MORE Jobs and less Spending.
      Just MORE GOP BS when will YOU ever learn NOT TO TRUST THEM?
      LVKen7@Gmail.com

      • gary says:

        The GOP does not control this Country. They have control of ONE BRANCH of the THREE BRANCHES. Did you go to school?

      • Todd says:

        Ken – you are messing up your messaging. That is what Obama and the Democrats promised. The democratic party is going to be very disappointted in you.

      • Clearhead says:

        Welcome back, K.J. More to the point — Where are all the goodies obama promised during the spewing forth of his campaign lies? You, Ken, would do well to study up on the history of the United States economy and realize that solutions good or bad do not happen overnight.. And as for your question, just MORE KEN JARVIS BS.

      • Kelly McCaffrey says:

        Ken, you are aware that bills must pass both the House and the Senate, then be signed by the President correct? The GOP only has a majority in the House and the House cannot magically make things happen without the Senate and WH. I would challenge you that no government can create jobs; a government can simply create an environment that makes things attractive for business to want to invest and grow. When will YOU ever learn that this is all typical political posturing and pols do nothing in the best interest of the citizenery. Pols from both sides promise everything and in the end deliver only enough to get themselves re-elected.

      • Mark Watters says:

        "Where are the JOBS the GOP PROMISED in the last election?" I assume you are referring to the 2010 Congressional election. The 112th Congress has been in session half a year. Half a year!! While the GOP managed to return the House to the people, and great progress was made getting the Senate back into friendly hands, very little can happen until the GOP controls Congress and can push through job-friendly legislation (which we all know Obama will never sign into law, even if such reaches his desk), as opposed to job-destroying legislation rammed through by democrats, such as Obamacare and Dodd-Frank.

      • Marc says:

        Having only the house in congress, they have no power to do anything, except stop further catastrophe.

      • Turner says:

        Ken, if you hated Bush, you should be crawling out of your skin with hate for Obama! He has done nothing but Bush times 1000000. We are in more wars, 3 times the debt, 3 times the unemployment. He has not prosecuted one single criminal in the financial scams, he is taking money from them (probably to keep them free), he stole a Fortune 50 company, GM, and gave it to a Union that oppresses members and ruins the companies they work for. He has not done a thing on prosecuting 911 terrorists. He has alienated our friends and cozied up to the ones who want to kill us (and they always will until they know Christ!) Are you Alan Combs' twin? Cuz you do not make sense.

    4. Ken Wisneski says:

      If this is a success, where are the results? Can we get a list of the new schools, roads, bridges, and infrastructure projects that will have a net cost savings? Where are they? When are we going to hold these people accountable for their decisions? Please stop spending money we don't have.

      • Steve says:

        Don't forget all the factories that were built!! I can hear the wheels of industry picking up speed as we speak. Let's all try to imagine the damage this community organizer, soros flunkie in chief can do between now and election day. Then imagine the lame duck days if we can dump this clown.
        Steve

      • Rober says:

        Your new roads and bridges are being replaced by bombs in Libya; can't have everything you know.

    5. Peter M says:

      I'm sorry. 9.1% unemployment is a myth. It has to be much higher than that. They don't count people like me who are no longer collecting benefits and/or are retired in order to survive besids the fact that it is in Obamas best interest to keep that number where it is. EVERY day I meet 3 or 4 people who have just LOST their jobs. Mostly middle class white folks of European descent that are over 50 years old…… I believe unemployment is closer to 20% and wish someone with the fact and the cajones would publicly state that fact….

    6. ColoComment says:

      I know little of economics and accounting. So I hope that someone here can help me understand Treasury's announcement that it has "earned" profits of $10B on TARP funds loaned to banks, and expects to "earn" $10B more before all is said and done.

      If Treasury created TARP funds out of thin air to begin with to give it to banks, and the banks have returned/are returning that same newly-created money, plus extra "interest," where does the money paid as interest come from? Is it not withdrawn from the private sector where it would otherwise have gone into productive enterprises?

      When Treasury receives the returned TARP funds and interest, where does that go? Does it continue to circulate? Be held on account? Disappear? What?

      I realize that all this is probably accounting fiction, moving digital numbers from one column to another, but I'd like to have enough information to be able to discuss this topic at least at an elementary level…. Thx.

      • RogCol says:

        The same occurred to me. In addition, the Feds said much of the cash has been paid back. Where did it go? It seems like real debt is a result of government largesse, but the pay back goes right back into the pot held by the Federal Reserve or Treasury for their pet programs. The deficit or debt never goes down!

      • cynthiahoffman says:

        This would be a great question to ask our representatives in Washington. As to the first part of earnings, I believe that these funds were loaned with the intent that banks would have some money that could be freed up to loan to industry for productive work (add to GDP). They charge a higher rate of interest than the government charges them and the difference between interest to the government and what they charge is essentially their profit.

        As to where it goes when it's repaid–I would like to know.

        While this is not accounting fiction necessarily, the fiction is that we can keep printing paper money and everything will be ok. Inflation is already rearing it's ugly head. Remember the 70's/80's? I forget exactly what inflation was, but I remember car rates when I got out of college in 1980–they were up in the 18% range or more. Fortunately, I bought a car with cash from someone who had one of those loans and couldn't afford to keep it.

      • MN, Al says:

        I agree, I am beyond any partisan thoughts and would rather see some remedial math. The facts are not great, but as citizens the one entitlement we are all to receive is disclosure of all the spending…numbers that are facts please! I read some articles and comments that were in politico and each comment was an attack rather than a fact-finding mission. Your questions and comments may not make great TV, but they do make sense. You my friend are part of the solution. Thank you. MN Al.

    7. lfmorgan says:

      Tea Party is killing republican party -please let all Heritage members realized this, spread the word! that it needs to get out of the way else the republican party should declare itself as THE REALTEA PARTY at the next convention!

      • KC - NM says:

        The Republican party is too far right while the Democrats are too far left of the middle. The majority of Americans are in the middle and this is why the Tea Party is so effective. It is reaching out to and dealing with the real needs of the majority. Maybe the professional Republican politicians who have not done a thing since last Novembers election can learn from the Tea Party. It is time to clean house in 2012 of both sides and replace them with the voice of the majority!

      • Ron says:

        I am not a Democrat, but if you are implying that the Republican party is upstanding and moral you are seriously misguided. For the Republican party to declare themselves the real Tea party would be, at best, a lie.

    8. Jeanne Stotler says:

      BHO says one thing and his actions do the opposite. My son has been out of work almost a year and has very little hope of getting a job soon. Statistics show most of jobs filled are low paying, ie: McDonalds, or goverment jobs created by this administration. These jobs DO NOT add to the economy the subtract as they are paid for with tax payer money. All BHO seems to care about is taxing anyone he can and anyway he can,ie: his health care fiasco.

    9. cathy says:

      only limited government, fewer and simpler taxes, fiscal responsibility and free markets will create jobs. not big expensive government.

    10. Lloyd Scallan says:

      It's dishearten to read this supposed HF conservative blog that, like so many other media outlets,
      tip-toe around calling Obama's exactly what he is. Obama is determined to destroy this nation's economy. By using words like "magic" or "fiction" disguises and lessens the danger this imposter is exposing this nation to. This man is not only an imposter, he is a cunning, devious, liar that, along with his lackeys in Congress and the media, will do and say anything to get his socialist agenda passed the American people. It's time to take off the gloves and call a spade a spade. Stop softening the words. Tell the American people the unvarnished truth in plan terms they will better understan.

      • George Colgrove, VA says:

        What also concerns me is that organizations like Heritage and politicians like Paul Ryan are still promoting big government spending and giving it names like saving the American Dream. Both Ryan's plan and Heritage's plans will force America to spend another trillion dollars in debt for 2012 and yet another trillion over the next 5 years – IF ALL GOES WELL – and realy well at that!

    11. KC - NM says:

      Obama’s stimulus only saved some jobs in NM but did not create any new jobs. The saved jobs are being lost since the stimulus money ran out and the state cannot afford them. The stimulus was a waste of tax payer money, it did little to spark the down economy, and the worst part is that someone in government made off with a lot of money. None of the saved jobs were paid $278K so someone in some government office or agency made a lot of money administering the stimulus. This is another example of how ineffective the government really is. Once again, Obama and his Czars and others who claim to be intelligent screwed up. It is too bad the government did not give the stimulus money to business to administer – at least we would have had a logical and effective use of the money. It is time for change – get the professional lackey politicians on both sides out of Washington. It is time for real Americans to take back this country!

      • Kris says:

        Everything you say is dead on, except one: "Obama and his Czars and others who claim to be intelligent screwed up." They didn't screw up, in their minds. They've accomplished exactly what they wanted to do: impoverish the middle class. It's no accident.

    12. Bernard P. Giroux says:

      If, as the Federal Reserve Bank of Richmond recently reported, the existing economic models are failing, and further, if the U.S. does not lower its tax rates to become competitive worldwide, and further, the agencies of this government continually put roadblocks in front of private enterprise, forcing companies to send jobs offshore, no amount of Federal or other stimulus will save this country from becoming a secondary world power. Liberal policies do not work; they have, in effect, bankrupted the country. Taking Andy Groves' position of last July in Bloomberg Magazine, with no "scaling", we will have no country left. These crippling policies and rules must stop and it has to stop with this Congress and with the defeat of President Obama in 2012.

      • Kris says:

        I only hope this country can make it to November, 2012……and the Republican nominee is NOT Mitt Romney!

    13. Charles Nystrom says:

      Up to this time virtually all efforts regards deficits and debt are focused on politics, not policy. The GOP has Paul Ryan's 2012 budget outline as a guide but there is nothing comparable passed by the Senate…..or issued by Obama. So the constitutionally mandated budget process of passing legislation in the House and Senate and then, as required, resolving issues in conference, is being by-passed with back door negotiations.

      With the nation is in an economic and fiscal crisis, secret and limited agreements will not resolve the critical issues. Instead, the best thoughts need to be aired well in advance so there may be the essential debate and resolution in a public forum.

      In this spirit of asking for open and spirited debate, I have written Speaker Boehner not to meet with President Obama until he has first clearly stated his plans. I also expressed the hope he has the will to do that.

    14. G. Hugh Bodell says:

      Mr. Obama is a really, really bad President!

      Mr. Obama is not a ‘nice guy’, quite to the contrary, Mr. Obama is a really, really bad guy!

      Mr. Obama is and apparently always has been a liar!

      Therefore, what is the surprise in his (and his team of villains) reciting evil and misleading lies in order to keep their jobs.

      It has never been about America and Americans, it has always been about Mr. & Mrs. Obama getting one more appearance on TV and hopping around at taxpayer expense like …royalty …you think?

    15. Ben C. says:

      The jobs will come when Barry is unemployed. Tough to get things done when Harry Reid et al is in charge. It will be business as usual until republicans control the house / senate and white house – if we last that long.

    16. RogCol says:

      The Stimulus pot of gold was a Keynesian Plan concocted by Academics to prove that their theories taught over the many decades wass the right way to go with FDR and now PBHO. Since it failed miserably, they left like rats deserting a sinking ship. It was a well thought out plan, with no real life business accumen to back it up. Further, it was planned to the degree, it was like threading the proverbial needle. A little immediate bump to help out the upcomming election and a big bump when the current occupant of the WH was due for reelection. None of it worked out as planned.

    17. carol,az says:

      By executive order all decisions are done behind close door sessions. No disclosure..
      All the elector bodies, with NO guts to scrap the crap off their boots, pull up their boot straps and do the right thing for America are powerless. We are being led toward a crap pile so large that even the wacko environmental laws can't clean-up this mess. Most of us here realized by now this community organizer and his minions has " no clue" what they're doing. running from one deflated money pile to another saying, "WE HAVE THE FUNDS !!!, but they don't.
      People are fleeing their jobs faster than rats on a sinking ship in D.C.
      Yes, Mike it's correctly called, stealing:.
      It's Fanny Mae and Freddie Max all over again. It's failed banking and Wall Street all over again. It's refunding Acorn , LA Raza and the ACLU by our govt..
      As reported 1.5 million American are homeless, 10,000 Vets are now homeless and reported over 700,000 American kids now attend schools, set-up for those living in shelters or motels across America and those are the lucky ones we know about. The chaos is working very well.

    18. Andrea says:

      Finally calling for what it is-artificial economic stimulation that has a short life cycle and ends up by paid for via public debt. I liken it to using a credit card to make a mortgage payment.

    19. Judith in Michigan says:

      What about the beautiful new San Francisco Bay Bridge now being built? Doesn't that count as infrastructure construction?
      Oh, wait! China is actually building the bridge while the US is only doing concrete work and putting the Chinese parts together. We were promised infrastructure construction, but the administration forgot to tell us to which country's benefit.
      Oh well, I guess America will have to settle for crumbs which is to be the new norm.

    20. gordon watson says:

      He"s A Joke. He is skaming US and he wont's a noth 4 yeas to Desore us.

    21. LYGHTITUP says:

      The thing is, the economy is right where he wants it. Statements coming from the white house are merely lame excuses given to the public, which it deems too dumb to figure it out.

    22. Robert says:

      The fact is that there never was a financial crises that would not have straightened itself out. The "crises" that both Republicans and Democrats raced to Washington to "avoid" (just before the last presidential election) was nothing more than the burning of the Reichstag. It was fraud.
      Our problems are due to over spending and a shrinking dollar. DEFICIT SPENDING IS EVIL. The only reason for deficit spending is so that politicians can spread enough money around to buy their own re-elections; at a cost to this nation's future. Obama has no clue as to what makes jobs or makes business successful; nor does Ben Bernake (the most mathematically challenged economist yet).

      Affirmative Action has terrible unintended consequences.

      RC Reynolds

    23. Don Wojtaszek says:

      Since his inauguration, the Faith of the USA has gone in the toilet! Harry Reid and Pelosi have controlled the purse strings and the Democratic Congress ,at the time followed like lost sheep to the slaughter. The stimulus was a smoke screen to get Americans watching Obama's right hand while his left was going for our pockets. IF and I mean IF he had used the monies to pay off the mortgages of home owners it may have kept the face of the banking industry solvent. Paying would put money right back to the banks and loosened money up in the private sector for use on cars, homes, investments etc. but "THEY "didn't want peace and prosperity, they wanted to gain control.
      Then came the "ELEPHANT" in the room Obamacare. A real joke ! No one read it no one knew then what they know now it was just another way of cooking the books and developing a Socialist agenda . Poor health coverage and loss of medical people all over the country. Doctors by the hundreds left practices in the D.C. area like rats running from a sinking ship with Benedict Arnold at the helm. It would force them to accept any and all patients at any cost the government set, including Illegals, that they need for votes!
      I agree no one should be without health care but" it's their choice". If financially unable well there are many ways to obtain government help without ruining what already works.
      Come 2012 all those in Congress and the Senate and the White House, that have had their hand in the destruction of our Freedoms, will be headed to the doors looking for work. Hopefully the "SMART" ones will develop a bill that removes them from Social Security and cuts what entitlements they get when they are voted out. Term limits should be next as well! Double dipping is not an option we as Americans shouldn't be forced to live knowing the politicians are getting all the fringes while we suffer to make ends meet!
      Raising the debt limit ….that's foolish let it ride because Reid, Pelosi, Obama did this …let them feel the heat!

    24. Curt Krehbiel, Midland, TX says:

      Read again replies 10 and 12 above for the best explanation of the “problem”. The only thing I can add is that the “problem” we see is the presidents goal. That is to get more people on unemployment benefits and food stamps, etc., to cause them to look more and more to government for help. This is the path to total socialism and the attendant loss of freedom and liberty for all of us. My only other observation is that when his lips are moving he is lying.

      Curt Krehbiel

    25. Robert says:

      Mike, another "big, bad Obama… Obama is the big, bad wolf" article hardly supports the Heritage mission "to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense." So, Obama is a card-carrying member of the Washington Liars Club. Then you only have another 529 articles to go. I recommend you start with the republicans. You know "making government smaller" blah, blah, blah.

      • Mike says:

        This article is very very tame when one considers what is really happening to this nation.

        • Robert says:

          Yes, it is. And a complete waste of time. If Rand Paul can completely tie up the Senate (by himself) for one week – when even his own majority leader is trying to stop him – imagine what the House could accomplish if only they had a leader. My point is that crying about Obama for the next 16 months does not accomplish anything. Congress needs to do its job.

    26. The Farmer says:

      Every time the Rep's. get in front of a mic. they need to retell what the Dem's. plan cost per job, how it added by % to the debt, and name one or two of the rediculas expenditures in the buget they keep voteing for !!!

    27. rockingg says:

      It's the agenda, it has always been the agenda, the agenda is to bring a total collapse of this nation, to bring the citizens into servitude first to this government to be turned over to world government. There is nothing mystical or magical just hard facts. The money was borrowed it is being paid back in Quantatively eased funds, funds that are a great deal less than the original funds lent, but then the funds lent were borrowed in the first place, so how can the feds report an interest gain on funds that it lent that were borrowed and paid back with funds that are considerably of lesser value than the original funds lent? All a way to say here we have done this for you, needless to say in actuallity they created the mess in the first place and then tell us what a good job they are doing to fix the problem they created. Surely the people are not that blind.

    28. JQP says:

      When is this President going to admit he is a Marxist Socialist and his policy does not work, nor has ever worked in the past. You can fool some of the people some of the time…but not all the people. Stop lying to the people!

    29. Googla says:

      There is definitely no alternative to Obama. The GOP solution is to take our tax money and give it to the rich to make them richer.

      • KC - NM says:

        Oh MG, this hurts, but as a registered Republican I must agree with you. The only candidate that may have potential is Michele Bachmann. The others are has-beens and do not offer anything for the majority of Americans. If the Repubs want to really defeat Obama, they are going to need someone who is not the professional politician type who is not affraid to piss various groups off. We need a real kicker instead of a smooth talker!

      • guestxxx says:

        I have never been hired for any job by a welfare recipient or someone who was unemployed, I have been hired to work for people who made over $100,000 out of the same businesses that I worked with. I would rather a "rich" person be given an incentive to hire me than giving the government and excuse to find me an "entitlement".

    30. MNJ says:

      This phrase from the article: If you take the CEA at its word, you might be a bit confused. Two quarters ago, it claimed that the stimulus added or saved just under 2.7 million jobs. That’s 288,000 more jobs than it claims the stimulus has created or saved today. (The Congressional Budget Office has downgraded its claim of the stimulus’ “success,” too.)

      is indicative of the meme (I paraphrase) "You better tell the truth or the lie will eventually catch up with you." Let's hope it catches up with O and his Dem cronies so O is a 1-term president.

      It's obvious his advisers went through schools that didn't teach basic arithmetic.

    31. Frank says:

      I agree with Peter M about 9.1% unemployment being an artificially low number. It's much higher. Also like Peter M, I too am not counted as unemployed because I did not ask for unemployment benefits when I stopped working at the time the economy began to implode. Luckily we are debt free & my wife still has a great job, I invest the money & we will never count on any Social Security benefits (nor have we received them). Since I no longer work, our income is down & our taxes paid are down & the government will never recover those taxes I once used to pay.

      I also agree with Brian Riedl: "[M]any lawmakers claim that every $1 billion in highway stimulus can create 47,576 new construction jobs. But Congress must first borrow that $1 billion from the private economy, which will then lose at least as many jobs. Highway spending simply transfers jobs and income from one part of the economy to another." In fact, the more Congress borrows & spends by borrowing money, the worse the situation becomes. That (Keynesian economics) might work temporarily in a nation that starts out with a low level of debt & low level of interest payments on the debt, but even then I'm suspicious if it works & it probably only helps some avoid losing their jobs until the economy self-corrects on its own.

      The Federal Government needs to let the economy self correct. This means letting companies that were run poorly go into bankruptcy & get reorganized… not Federally subsidizing the losers! This also means not allowing the government to do most of the money borrowing. We should not let the private sector get squeezed of the money available for borrowing.

      This will require drastic cuts in Federal spending to balance & start to pay down the debt, among other things.

    32. Dave Ferguson says:

      Why keep fighting all the things Obama is trying to do instead of concentrating on putting him in prison, along with the people behind him.
      Regards Dave

    33. Al from Fl says:

      When you start counting "saved jobs", you know the liars are figuring. The problem with the Obama admin's jobs is that they are gov't jobs (whether federal or state) that are only good so long as gov't money keeps them going. They don't move the economy forward. These progressives (Obama and the dems in congress) seem to have great faith in their utopian vision of an America shaped by them, spreading the wealth, so that all are equal and happy. In the face of failure after failure, they keep insisting we just need to spend more and tax more. There is no logic in that. If it effected only the dems, I'd say have at it. Unfortunately it will ruin this country, both for us and for our grandchildren.

    34. snydrhrry says:

      Two points: What and where are "saved jobs?" Are they teachers not laid off or grant receivers who got renewed? Or what?? Seems to be a very well-kept secret (if not mythical).
      Second: It appears to me that Obama's strategy (and forte) is propaganda. Exaggerated claims of his accomplishments and angry accusations against his Republican and Tea Party adversaries will comprise his reelection strategy.
      And: I don't believe he cares whether the (total) unemployment rate declines or not. An improved condition of the U.S. economy is not his motivation or intention. More likely, as some have said, his goal is a second or third class status for the U.S. among the nations, China probably becoming dominant.

    35. snydrhrry says:

      Two points: What and where are "saved jobs?" Are they teachers not laid off or grant receivers who got renewed? Or what?? Seems to be a very well-kept secret (if not mythical).
      Second; It seems that Obama's strategy is propaganda and invective. These he will use, instead of listing his accomplishments, in the 2012 reelection campaign.

    36. HEDY says:

      Googla — Don’t worry if Obama gets elected again then you don’t have to worry, because there will be no more America. Get wise all of you.

    37. D. White says:

      Then there's Obama's shills and his network–Two weeks ago Nancy Pelosi said on MSNBC "President Obama created more jobs in the private sector in one year than George Bush did in his eight years in the White House." And the interviewer just smiled and went on to his next question. I'm convinced that most Democrats have so insulated them selves from reality that facts are just ignored noise to them. Hope we can save our sinking ship in 2012.

    38. The Farmer says:

      Goola, you been drinking the kool-aid to long! Its the GOP that is speaking out against over taxing (well that is all but the R.I.N.O's) and its the Dem's that barrowed billions from the rich which will make them even richer, gave it to their contributors demanding a percentage back for campaign money, and charged it to all of or children.
      The R.I.N.O.'s under Bush did the same thing but it backfired on them when the fat cats gave their contributions to the Dems.

    39. Steve says:

      It is all about balance. Each party has a tendency and this is more social or more business. Neither party can create any jobs. This is a result of private investment and expecting returns on investment. The top 10% as well as many business owners go about life with little or no change. Tough economy will put them in a defensive mode, fire a few more employees, and conservatively wait for better opportunities. The bottom 50% of our society can NOT wait, they depend on each weekly check, as well as the small business owner they need their communities to buy groceries or auto-parts o remain open. The President as well as most democrats (with many exceptions), Created the stimulus only to avoid MUCH BIGGER PAIN from the bottom of society. The consequence might be a longer recession when the cuts don't go deep enough, but also don't punish hard enough a already hurting population. From a economic point of view as you look at the numbers it makes no sense, however it's not about the economy from a business model point of view but as a social cost to avoid bigger casualties from the less fortunate and their families. The GOP, as usual treats the working class as a commodity to be used preferably make them all illegals if possible, its Biz not personal. On the other hand Dems are not much better, only that for different reasons. They see the working class as a asset they can build upon, not having a clue how to create wealth if not through community organizing, and government intervention. In the end it's perfect. They complement each other well since neither could exist without the other.

    40. Tiger Tom says:

      Get the nation fueled and turn it loose. Get rid of Dr. Chu and send Ken Salazar back to S. East colorado and let him chase Jackrabbits. They are killing this country with their lack of Energy Policies to allow the US to obtain and distribute it's own Gas/Diesel. Get outta the way you destructive Dems, EPA and Environmentalist NUTS ! ! ! Dot it now.

      You wanted truth… this is it! ! ! Tell your Congressional Representatives to get on with it. Markey, Frank, Schumer, Reid, Salazar, Boxer, Feinstein, Murray, losers …. ALL ! ! ! THey're KILLING us… bit by bit.

      Everything is ham strung by the cost of all the fuels.

    41. Tiger Tom says:

      Gestapo overviews. Caps should be allowed for emphasis. The ones involved in DC are NOT paying attention. They should and we should be on their case like white on rice. Post the previous comment… please. I promise I won't use all the caps the next time.
      Thank you oh, omnipotent one(s).

    42. Blair Franconia, NH says:

      That's complete, and total, B.S.! Obama has a Robin Hood mentality. He wants to rob from the rich to give to the
      poor.

    43. LibertyAtStake says:

      Pay no attention to the doofus behind the curtain.

      (side note: congrats on attracting the squadron of Leftie trolls)

      d(^_^)b http://libertyatstake.blogspot.com/
      "Because the Only Good Progressive is a Failed Progressive"

    44. MikeHebert says:

      When will our nations' leaders stand up and account for their blunders? Come on. You guys are human! Admit when something didn't work. And who says Washington can't shout out to the American public for, dare I say, wisdom? Hey, who says Washington has ALL the answers? Come on. Who? This will not be an easy fight/battle/skirmish/business transaction that gets settled in a 'Hollywood Hour', or 2!

    45. toledofan says:

      Until the Democrats feet are held to the fire, they will resist every opportunity to cut anything. More than likely anything they do agree to will be cuts on paper rather than real savings. There are ample savings every where but if you have a blind eye to them, well, then they become obscure because a cut to the Democrats means a vote. So, no matter the logic and information available, until those in Washington are replaced, we will pay the price for their inability to do their jobs. What is really sad, with all of the history and past practice, that there are still those that belive the government is the answer.

    46. Googla says:

      The Republicans are fervently defending the policy of letting businesses have the freedom to do whatever they want. But Obama has discovered that corporations have been sending too many jobs to other countries. He is working to put a stop to this and make businesses bring back the manufacturing plants to the U.S. Although, some companies are hiring. http://tiny.cc/o01s7

    47. Googla says:

      The Republicans are fervently defending the policy of letting businesses have the freedom to do whatever they want. But Obama has discovered that corporations have been sending too many jobs to other countries. He is working to put a stop to this and make businesses bring back the manufacturing plants to the U.S. Although, some companies are hiring. Digitally Undivided, digitalundivide

    48. Pingback: Assessing the Stimulus and Its Aftermath | Bear Market Investments

    49. Pingback: Econbrowser: Assessing the Stimulus and Its Aftermath

    50. Pingback: Assessing The Stimulus And Its Aftermath « Tax Australia

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