Stimulus Spending Not Working - HUMAN EVENTS »
Posted By pc25 6 months ago in News
The spectacle of the Obama White House’s daily dog and pony shows does not begin to cover for the hard data coming out of their own executive branch confirming what Republicans have been saying all along: the Democrat borrow and spend and spend and spend “stimulus” plan is not working now and will not work in the long run. They are accomplishing nothing more than bankrupting our children and grandchildren’s futures.
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pc256 months ago
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Thanks Barack... 16,000 Jobs Lost Each Day Since Spendulus Passed
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So much for saving and creating 2.5 million jobs-
http://gatewaypundit.blogspot.com/2009/05/thanks-b...-
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Goppy6 months ago
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LOL ... wow pc25 ... you sure are an incredibly negative person.
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It almost seems like you're outrageously bitter at losing the Ideological battle last year ... the battle between the Ideology of Fear ... and Centrism.
Centrism won.
You should be happy.
Not to mention ... as a Centrist ... Obama has actually CONTINUED many of the policies that George W. Bush implemented ... as you yourself have commented upon.
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Still ... it would be nice if The Modern Republican would have SOME patriotism ... as compared to TRADITIONAL ... (read: non-ideological purist) ... Republicans.
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pc256 months ago
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FTA
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Yesterday’s unemployment numbers release fell short of the expectations set by the Obama administration, even falling short of the unemployment numbers they projected (PDF) would result from passing no “stimulus” legislation at all.
pdf link
http://otrans.3cdn.net/ee40602f9a7d8172b8_ozm6bt5o...-
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nostalgia6 months ago
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Unemployment Estimates Continue to Worsen: CBO Predicts Peak Over 10 Percent
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The Congressional Budget Office said Thursday that the country's economy will start growing again in the second half of this year, but the unemployment rate will rise into the second half of next year and peak at a rate above 10 percent, just the latest in a series of worsening unemployment predictions from a variety of sources.
The new CBO forecast was made by their director Douglas Elmendorf in prepared testimony for a hearing Thursday before the House Budget Committee.
"The economy will stop contracting and resume growing during the second half of this year, but the hardships caused by the recession will persist for some time," Elmendorf said. "The growth in output later this year and next year is likely to be sufficiently weak that the unemployment rate will probably continue to rise into the second half of next year and peak above 10 percent. Economic growth over time will ultimately bring the unemployment rate back down to the neighborhood of 5 percent seen before this downturn began, but that process is likely to take several years."
His outlook for unemployment is more downbeat than the Federal Reserve's. The nation's central banker Wednesday revealed in the minutes from the last Federal Open Markets Meeting that it expects unemployment to rise to around 9.2 percent to 9.6 percent by the end of the year. The unemployment rate currently sits at a 25-year high of 8.9 percent.
Estimates for unemployment have worsened since last February when Christina Romer, chair of the Council of Economic Advisers, said the Obama administration anticipated that unemployment would average just over eight percent for 2009 overall.
"Even if the economy returns to positive growth this year, the loss in output, income, and employment during the recession and the next few years will be huge," he later noted.
http://blogs.abcnews.com/politicalpunch/2009/05/un...
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stephen-johnson6 months ago
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Remeber the 25 police officers in Columbus, Ohio who were with Obama on the Mar 6 "stimulus package" photo op? An update:
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"Columbus police will be pulled from highways, high schools and other duties if voters reject a proposed city income-tax increase on Aug. 4, Chief Walter Distelzweig said yesterday.
Nearly 300 officers would lose their jobs in layoffs. When added to the number of retirees who wouldn't be replaced, Columbus would have 324 fewer police than it has today.
Based on seniority, he said, officers hired over the last four years would face layoffs. That includes 25 whose jobs were spared in March when Columbus received $1.25 million in federal economic-stimulus money."
The economy will recover eventually, as it always does from recessions. But this time, it will have an 800-pound gorilla on its back in the form of mountains of government debt that will crowd out business borrowing and make the recovery much more shallow than it should have been. -
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pc256 months ago
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http://www.fxstreet.com/fundamental/market-view/mo...
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US jobs data disappointed investors
US jobs data disappointed investors, prompting a broad selloff in equities. The S plunged at the open, and remained weak to close down 1.7%. Chartists will point to Wednesday’s key day reversal as the warning, and bears will note VIX jumped back over 30 (it appears 30 is the new 40, the psychological demarcation between optimism and pessimism). A significant jolt to US sentiment came from Standard and Poor’s unexpected revision of the United Kingdom’s sovereign (foreign currency) credit rating from AAA to AAA (negative outlook), citing the high government debt levels projected over the medium term. The announcement affected many asset classes in many countries, including US 10 year treasuries which sold off by 17bp. Credit default swaps for the UK, relative to Germany, were 5bp higher on the day. US 3mth Libor fell, as has been usual, but by a larger 5.5bp to 0.66%.
While negative events have benefited the USD in the cycle, expectations that the US could be in line for the ratings chopping block saw the dollar index weaken by 0.9%. This breakdown in correlations saw EUR jump higher to around 1.39 at midday NY, after spending the European session fixed at 1.38 (some countries on holiday). GBP fell from 1.5800 to 1.5515 around the Standard & Poor’s news, but climbed back over the next 6 hours to 1.5890, a 6-month high. USD/JPY posted a 2-month low, at 94.
AUD was supported by USD weakness, the UK’s rating producing a prolonged dip to 0.7670 before recovering to 0.7795. There was speculation the RBA may have sold AUD above 0.7800. NZD dipped a cent on the rating, to 0.6015, but is back around 0.6100. AUD/NZD slipped to a lower 1.27 to 1.28 range. NZ interest rate swaps rates are 5bp higher this morning, following US and AU rates. -
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nostalgia6 months ago
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Missouri tapping stimulus money to pay tax refunds
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Missouri is using $250 million of federal economic stimulus money to pay state income tax refunds.
Gov. Jay Nixon's administration said Thursday that it has transferred stimulus money into the state's general revenue fund to accelerate payment of tax refunds. It said the $250 million should clear up virtually the entire backlog of refunds for the 2008 tax year.
http://www.columbiamissourian.com/stories/2009/05/...
Wonder what that $250 million in stimulus money was intended for? -
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nostalgia6 months ago
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You really have to wonder if anyone on the Federal level really knows what they are doing
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Stimulus projects bypass hard-hit states
States hit hardest by the recession received only a few of the government's first stimulus contracts, even though the glut of new federal spending was meant to target places where the economic pain has been particularly severe.
Nationwide, federal agencies have awarded nearly $4 billion in contracts to help jump-start the economy since President Obama signed the massive stimulus package in February. But, with few exceptions, that money has not reached states where the unemployment rate is highest, according to a USA TODAY review of contracts disclosed through the Federal Procurement Data System.
In Michigan, for example — where years of economic tumult and a collapsing domestic auto industry have produced the nation's worst unemployment rate — federal agencies have spent about $2 million on stimulus contracts, or 21 cents per person. In Oregon, where unemployment is almost as high, they have spent $2.12 per capita, far less than the nationwide average of nearly $13.
That money "is needed nowhere more than it is needed in Michigan," says Leslee Fritz, a spokeswoman for the Michigan Economic Recovery Office, which is coordinating stimulus efforts in that state. She said officials are generally satisfied with the pace of federal aid, but added, "We certainly feel very intensely the need to move quickly."
Liz Oxhorn, a spokeswoman for the White House stimulus effort, said any examination of federal contracts provides "an incomplete picture" of a law that is "providing unprecedented assistance at a record pace to benefit as many Americans as possible." Obama said Wednesday that the stimulus had created or saved 150,000 jobs in its first 100 days. Overall, however, the economy shed more than 1.2 million jobs in March and April, according to the U.S. Bureau of Labor Statistics.
Even so, the first contracts have amounted to only about $7.42 per person on average in the eight states with unemployment rates higher than 10% last month. By comparison, government records show it has awarded about $26 worth of contracts per person in North Dakota, whose unemployment rate is the nation's lowest.
http://www.usatoday.com/news/nation/2009-05-27-con... -
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Will13136 months ago
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WOW another great blog post from pc25....
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your circle jerks are getting smaller and smaller you seem to be like Rush driving away moderates... you've only got the most hard core Bush Bots.. keep going.. narrow that base.... most people don't like haters...
how is it your forgot to change the title to include the word THUG.. you're slipping..-
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beavith16 months ago
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is there even a hint of truth to what he posted?
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i suspect so. i suspect you believe it also, even if you won't admit it.
the stimulus, as it is, is doing nothing. the banks remain broke. actually, its destructive, because its making the $ worthless.
Goppy accuses the administration of being centrist. i don't know what it is, but that's not centrist. -
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nostalgia6 months ago
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U.S. economy at risk of double-dip recession
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The U.S. economy appears destined for several years of weak growth and high unemployment that leave it vulnerable to a recession relapse after the massive dose of government stimulus wears off.
While tepid growth looks likely to resume late this year and build modestly into 2010, the credit bust has left households and businesses unable or unwilling to borrow and spend as freely as they did before the crisis.
The U.S. government has stepped in as lender and spender of last resort, but its deep pockets are not bottomless. Waning political and investor appetite for taking on more debt could stand in the way of any additional big spending plans.
"When you remove the government stimulus, what the private sector can generate in terms of growth feels like a recession," said Jeffrey Rosenberg, head of global credit strategy at Banc of America Securities Merrill Lynch in New York.
Rosenberg thinks the U.S. economy may trudge along at a sluggish growth rate somewhere in the range of 0.5 percent to 1.5 percent while banks recover from the credit crisis, which could take another three years.
"If that's what you're able to generate, that economy is not generating the job growth required to bring the unemployment rate down," Rosenberg said.
This is a much darker outlook than the one put forward by President Barack Obama's administration in its latest budget projections, which show economic growth bouncing back to 3.2 percent next year and hitting 4.6 percent by 2012.
http://www.reuters.com/article/reutersEdge/idUSTRE... -
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Charlson6 months ago
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When the country pulls itself out of the mess created by Bush and the Republicans, I'll be interested in what you'll have to say. I'm pulling for recovery and support the stimulus because of it. But you folks, like Limpballs, are wishing and hoping he fails because all you jerks care about is regaining government power to make the rich richer and have no concern at all for the country you supposedly love. Thankfully YOU are the minority NOW.
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beavith16 months ago
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wrong.
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i hope that he succeeds. i'm hoping for recovery, too, but as time goes by, that likelihood is shrinking. the reality of dolittle/donothing fiscal policy will be biting us in the a$$.
this isn't politics.
i would like to beeyotch about Obama (maybe its the democatic congressfolk) seeming lust to destroy property right by making contract compliance optional. or subject to outside intevention. once we lose that aspect of the rule of law, we have nothing. everything will collapse.
so feel bad that your candidate is getting trashed for his actions. he wanted the big seat. its all up to him. -
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stephen-johnson6 months ago
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We hope that Obama fails because we don't want to live in a Euro-socialist country where every aspect of life, from the type of car we drive to the kind of light bulb we can use will be determined by government bureaucrats.
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"Thankfully YOU are the minority NOW"
Not for long.
Since 1964, the Democrats have held elected control three times (1964, 1976 and 1994) - and in each of those times, Democratic overreaching led to Republican resurections. History is just repeating itself as we speak, because the Democrats will never learn from the past.
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jimdoze6 months ago
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Government created the mortgage bubble... and had been doing it long before Bush came to office. It is utter nonsense to say the Bush created the problem.
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There is no wishing and hoping Obama fails. There is simply knowledge that the more government directly and indirectly controls the economy, the higher the probability that he will fail... and with consequences disastrous beyond what you can imagine.
I know. I know. There we go again... fearmongering... ooooooooo
Isn't it too bad that the Bush administration didn't also think more deeply and forcefully in terms of the potential for economic disaster, when considering the government created bubble that was real estate? So many on the left accuse the Bush Administration of fear-mongering while at the same time accusing them of not enough. Go figure!
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ranchhasawhiteass6 months ago
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I wonder if'n Obama realizes how many trees he's killing to kill our economy?
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Lets throw congress out and start all over again. This time their qualifications can't be in goverment. And they have to learn the Constitution.
Press one fer English. -
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coolslow6 months ago
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After using fear tactics to sell the bogus and likely unnecessary stimulus package, Obama is now fearless in continuing to propose new spending at "unprecedented" (to use a favorite Obama term) levels. This unprecedented spending has no end in sight and is driving up the deficit, the debt, devaluating the dollar, keeping the stock market depressed, limiting consumer spending, and sucking credit out of the private sector.
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Once again the only explanation or defense for this level of spending, deficit and debt is that Bush started it. So how will this additional spending make things better? How will the deficit and debt be erased?-
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pc256 months ago
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http://online.wsj.com/article/SB123457303244386495...
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Obama's Rhetoric Is the Real 'Catastrophe'
In 1932, automobile production shriveled by 90%.
President Barack Obama has turned fearmongering into an art form. He has repeatedly raised the specter of another Great Depression. First, he did so to win votes in the November election. He has done so again recently to sway congressional votes for his stimulus package.
In his remarks, every gloomy statistic on the economy becomes a harbinger of doom. As he tells it, today's economy is the worst since the Great Depression. Without his Recovery and Reinvestment Act, he says, the economy will fall back into that abyss and may never recover.
This fearmongering may be good politics, but it is bad history and bad economics. It is bad history because our current economic woes don't come close to those of the 1930s. At worst, a comparison to the 1981-82 recession might be appropriate. Consider the job losses that Mr. Obama always cites. In the last year, the U.S. economy shed 3.4 million jobs. That's a grim statistic for sure, but represents just 2.2% of the labor force. From November 1981 to October 1982, 2.4 million jobs were lost -- fewer in number than today, but the labor force was smaller. So 1981-82 job losses totaled 2.2% of the labor force, the same as now.
the modern Chicken Little with the big ears running around yelling " the sky is falling"
he made the situation worse by talking down the economy
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aceofspades16 months ago
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Klarrissa - My 2008 Chrysler was assembled in Brampton Canada ,the engine in Mexiico, the transmission in Germany - but at least the piurchase & financing papers were processed here, but on Japanese computers.
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Ah well- its a gas guzzler, so I don't use Citgo or BP, which used to be AMOCO before it went overseas.
I haven't needed any service yet, so I haven't talked to anyone in Mumbai on my Nokia cell phone from Finland.
Hope my Korean tires last though.
I always wear my made in China shoes & pants to go for a drive
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Wolfie20076 months ago
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Well looks like it Obama's economy and soon it will very likely become Obama's depression if something different isn't done very soon. When federal spending become as much as 82% of the country's GDP it means we are in big trouble and spending just makes it worse.
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bubba26 months ago
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For EIGHT years, Bush and the Republicans spent us into a DOUBLING of the national debt from 4-5 trillion up to 10 trillion.
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You all NEVER complained about that AT all.
In four months of some spending by Democrats, ALL OF A SUDDEN the SKY is FALLING! We're doomed!
There were no "fear tactics" used to get the stimulus passed. There were FACTS. Burst housing bubble, record unemployment (while Bush was STILL in office), record foreclosures, record businesses closing and failing, and more.
But keep spewing the fear and the the paranoia - it is what you and your Republican 'heroes' do best.-
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tanglang6 months ago
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"DOUBLING of the national debt from 4-5 trillion up to 10 trillion."
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Hows Obama doing with that?
"You all NEVER complained about that AT all."
Yes we did.
"In four months of some spending by Democrats"
Some spending???
"There were no "fear tactics" used to get the stimulus passed."
Using the word "Crisis" 47 times per speech is a fear tactic. Him saying that if the stimulus bill was not passed the end would surely be nigh was another. -
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pc256 months ago
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http://online.wsj.com/article/SB123457303244386495...
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Obama's Rhetoric Is the Real 'Catastrophe'
In 1932, automobile production shriveled by 90%.
President Barack Obama has turned fearmongering into an art form. He has repeatedly raised the specter of another Great Depression. First, he did so to win votes in the November election. He has done so again recently to sway congressional votes for his stimulus package.
In his remarks, every gloomy statistic on the economy becomes a harbinger of doom. As he tells it, today's economy is the worst since the Great Depression. Without his Recovery and Reinvestment Act, he says, the economy will fall back into that abyss and may never recover.
This fearmongering may be good politics, but it is bad history and bad economics. It is bad history because our current economic woes don't come close to those of the 1930s. At worst, a comparison to the 1981-82 recession might be appropriate. Consider the job losses that Mr. Obama always cites. In the last year, the U.S. economy shed 3.4 million jobs. That's a grim statistic for sure, but represents just 2.2% of the labor force. From November 1981 to October 1982, 2.4 million jobs were lost -- fewer in number than today, but the labor force was smaller. So 1981-82 job losses totaled 2.2% of the labor force, the same as now.
Job losses in the Great Depression were of an entirely different magnitude. In 1930, the economy shed 4.8% of the labor force. In 1931, 6.5%. And then in 1932, another 7.1%. Jobs were being lost at double or triple the rate of 2008-09 or 1981-82.
you bought his line lock stock and barrel BUBBA
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