In a rather confessional tone, Jeffrey Sachs declared in his recent op-ed: The global fiscal stimulus championed last year by the Obama administration is coming undone, repudiated by the same Group of 20 that endorsed it last year. Now, against a backdrop of a widening sovereign debt crisis, we need …
Last Friday’s Department of Labor jobs report, which showed private sector job creation fell by 190,000 between April and May of this year, jolted markets worldwide including the Dow Jones Industrial Average, which fell 3.2% Friday to its lowest level since early February. In total the U.S. economy has now …
Last week, House Minority Whip Eric Cantor (R-VA) launched an innovative new tool in the fight to cut spending called YouCut. It allows regular American citizens to vote to cut wasteful spending in Congress. Its purpose is to challenge the culture of spending that has dominated Congressional thinking and replace …
Today the Labor Department’s Bureau of Labor and Statistics released its monthly jobs report showing that the nation’s unemployment rose to 9.9% in April despite the addition of 290,000 jobs, 66,000 of which were temporary Census 2010 jobs. The rise in unemployment was driven by the entrance of 195,000 previously …
During the debate on and after the Obama economic stimulus bill even some conservative economists were arguing the bill was needed to stabilize the economy. Similar arguments followed every successive “jobs bill” Congress has enacted, despite the growing embarrassment of self-indictment implied by these bills. It appears the economics profession …
Today the Labor Department’s Bureau of Labor and Statistics released its monthly jobs report showing that the nation’s unemployment is 9.7% for the third month in a row. While the jobs report does indicate that 162,000 net jobs were created in March, almost 50,000 of those jobs were temporary government …
A few weeks ago, I posted that CBO’s estimate that the stimulus created saved 1.5 million jobs was not based on any actual examination of the post-stimulus economy. Instead, CBO essentially re-released their initial prediction that the stimulus would work, and presented that as proof that it did work. This …
The failures of President Barack Obama’s $862 billion stimulus are legend, but the $8 billion the Obama administration will waste on high-speed rail is particularly galling. The New York Times reports today: The drive from Orlando to Tampa takes only 90 minutes or so. Despite the short distance, the Obama …
My Corner post from last Wednesday — pointing out that government “stimulus” spending does not add new purchasing power to the economy because the government must first borrow that purchasing power out of the economy — caused a stir among liberal bloggers Brad DeLong, Matt Yglesias and Stan Collender. Their posts …
