Part of the $800+ billion stimulus law required the Executive Branch provide detailed reporting concerning the results – good or bad – of the program. After multiple reports indicated “saved or created” jobs were costing upwards of $300,000 each, the Obama administration just stopped providing the reports.
Just two short years ago, seems longer to me, the Obama administration hailed
that it was to be “The Summer of Recovery”. The stimulus bill was passed by congress, both the house and senate, of course it was alL under the control of the Democrats.
WILD and EXOTIC claims were made that this new law would spur the creation of
250,000 – 500,000 new jobs per month. Vice President Joe Biden boldly predicted this type of
job growth himself. Well it has been two years since the passage of the stimulus bill, and Americans are still waiting. Read more
President Obama held a press conference on friday, speaking of how the economy was doing.
The president had this to say about Job Creation.
“The truth of the matter is we’ve created 4.3 million jobs over the last 27 months, over 800,000 just this year alone. The private sector is doing fine.”
Of course the Romney Campaign responded to the Presidents Statement. Read more
Three years ago today, President Obama let America know we should be seeing progress within one year – with some lingering pain. But he does not get it “done in three years, then there’s going to be a one-term proposition.”
As the President gets ready to propose yet another stimulus I thought it might be nice to review a centuries old retort to government spending as a solution to economic ills called “the broken window fallacy”. First proposed by 19th century Frederic Bastiat a French classical liberal theorist, political economist. It’s a short video but one worth watching and remembering when a neo-liberal proposes more government spending. Read more
Remember the Stimulus Bill that just had to be passed quickly in 2009, or unemployment would rise above 8%? $7.2 billion of the total stimulus was allocated to subsidies to provide broadband services to rural areas without broadband. Read more
Just two days into the gig, and Jay Carney – the new White House spokesman – gives us two shining examples of twisting the truth in a grand attempt to rewrite history … or just forget it all together I guess.
I run this in light of the resignation of yet another Obama economic guru … Larry Summers. It’s a great analysis of how the stimulus didn’t solve anything other than fatten the pockets of Washington elites. But then if you are unemployed … you already knew that. Read more
Well, there’s a shock. The new economist in chief at the White House, Austan Goolsbee tells ABC’s This Week, don’t look for unemployment to fall. Actually he also wouldn’t make any predictions about how many jobs the President’s new stimulus would create? In fact, he pretty much didn’t say much except, well, trust me, this time it’s gunna work. Nice. Read more
Spoken like a true lefty. Tax cuts for the rich are useless. Tax cuts for the poor stimulate the economy. Yada, yada, etc, etc. I actually want to cut the Harvard professor a break. He’s the economist, I’m not. But to simply dismiss cutting taxes for one group has more economic benefit is absurd on its face. The stark reality is that tax cuts for both are critical to reviving the economy. Read more