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  • Obama’s failed stimulus

    The Link Between Economic Freedom, Opportunity, and Recovery

    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 … More

    Morning Bell: Why Obama's Stimulus Failed

    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 … More

    House Bill Would Give States $2.5 Billion to Increase Welfare Rolls

    Speaker Nancy Pelosi (D-CA) is attempting this week to schedule a vote in the U.S. House of Representatives on a measure that would extend expiring tax breaks. But the “American Jobs and Closing Tax Loopholes Act of 2010” (H.R. 4213) would shut the door on the important success of welfare … More

    Voters on YouCut Vote to Eliminate Program that Expands the Welfare State

    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 … More

    Morning Bell: A Recovery Only Washington Could Love

    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 … More

    NABE Economists on Stimulus: No Impact!

    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 … More

    Morning Bell: Welcome to the Obama Dependency Economy

    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 … More

    CBO Admits that 1.5 Million ‘Stimulus Jobs’ Estimate Ignored Deepening Recession, Misspent Funds

    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 … More

    High-Speed Rail: More Mickey Mouse Stimulus Spending

    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 … More

    Answering DeLong, Yglesias, and Collender

    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 … More