That's All She Wrote - Obama Administration Says Trillion-Dollar ‘Stimulus’ Has Run Its Course »
Posted By pc25 1 month, 3 weeks ago in News
One of the authors of the trillion-dollar ‘stimulus’ is now saying the Obama Administration’s signature domestic initiative has already had its “greatest impact” on helping the economy – even though roughly three million private sector jobs have been lost since it became law in February. Dr. Christina Romer, chair of the President’s Council of Economic Advisers, testified in front of the Joint Economic Committee just one day after new data showed that despite the “stimulus,” 49 out of 50 states have lost jobs in the last seven months.
Dr. Romer, who once predicted that the stimulus would create “about 3.5 million jobs,” also conceded today that unemployment would remain “severely elevated” and rise above 10 percent next year. Echoing a line of thought regularly expressed by Republicans, Dr. Romer testified that future economic growth would be dependent on the private sector. Republicans have offered better solutions to help small businesses create jobs and get our economy moving again.
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pc251 month, 3 weeks ago
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For Community Banks, Obama Plan Poses Fresh Concerns
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http://online.wsj.com/article/SB100014240527487042...
Brian Carlson, president of Excel National Bank, says he's interested in hearing more details of the program. "We're profitable but many banks need capital assistance and the SBA programs are a great way to leverage capital," says Mr. Carlson, whose bank has one location in Beverly Hills, Calif. "The concerns we have are whether there will be any additional regulatory constraints or oversight and how easy it will be to return the money."
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icono11 month, 3 weeks ago
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fta;
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"Dr. Christina Romer, chair of the President’s Council of Economic Advisers, testified in front of the Joint Economic Committee just one day after new data showed that despite the “stimulus,” 49 out of 50 states have lost jobs in the last seven months."
Nuff said.
The Stumbulus or Porkulus bill did not work.
Now, I hear, that the 0Coms want to have 'Stimulus 2'. The sequel.
Bound to be a hit like Stimulus one...... -
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alanocu1 month, 3 weeks ago
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Democrats do seem very determined to take all of our money through “stimulus” packages and then destroy health care so we all die. It could be because they just don’t like Americans, but it’s a big leap from simply not liking Americans to actively trying to rob and kill them.
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stephen-johnson1 month, 3 weeks ago
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"Dr. Romer, who once predicted that the stimulus would create “about 3.5 million jobs,” also conceded today that unemployment would remain “severely elevated” and rise above 10 percent next year."
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And if unemployment drops to 9% next year, Team Obama will boast that the stimulus is starting to work.
Meanwhile, the French and German economies are recovering better that ours, without the benefit of "stimulus packages." -
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happydaze1 month, 3 weeks ago
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Some Questions: If these Republicans have all the answers, then why didn't they deal with this when they were in power? Why was WalMart allowed run amok in small towns putting small business after small business out of business and now we hear they are FOR small business? For all the talk about helping small businesses then why are they beholden to large corporations?
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This stinks of hypocrisy me thinks.-
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pc251 month, 3 weeks ago
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they did, you people were asleep at the wheel
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The Dodd, Waters, Pelosi, Reid, Fannie/Freddie, CRA inspired depression. The sub prime mortgages that Bush repeatedly mentioned in 2001would have dire consequences......
http://www.bloomberg.com/apps/news?pid=newsarchive...
How the Democrats Created the Financial Crisis: Kevin Hassett
Sept. 22 (Bloomberg) -- The financial crisis of the past year has provided a number of surprising twists and turns, and from Bear Stearns Cos. to American International Group Inc., ambiguity has been a big part of the story.
Why did Bear Stearns fail, and how does that relate to AIG? It all seems so complex.
But really, it isn't. Enough cards on this table have been turned over that the story is now clear. The economic history books will describe this episode in simple and understandable terms: Fannie Mae and Freddie Mac exploded, and many bystanders were injured in the blast, some fatally.
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everyone had to be a home owner
meanwhile Obama quadrupled the deficit........ -
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gormannarbor-191 month, 3 weeks ago
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Meanwhile, the hopey-changey Democrats have bailed out the Wall Street gangsters, dined with the lobbyists, squirted away $700 Billion with not a job in sight... and do not seem to be doing small businessmen (of whom I have been one for years) any good at all. What's on the horizon? More taxes and red tape for small business, more sops for major contributors. This is the fundamental flaw of concentrating economic referee power in Washington: big corporations can afford to buy a Congressman, little guys cannot.
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gormannarbor-191 month, 3 weeks ago
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A trillion dollars doesn't go very far anymore. Especially if you route it through Washington to be distributed more as spoils than the sort of stimulus that would allow private industries to generate new, productive jobs.
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It is increasingly clear that this administration and this congress are colossally ineffective at generating new economic activity, have done little to correct the regulatory malfeasance that allowed the bubble economy to tank in a morass of non-transparency in derivative instruments, and are rushing headlong into an ill-thought-out scheme to radically tear-up-and-redo a health care system that yields pretty good care at pretty exorbitant cost. Only problem is, their plan seems to yield poorer care and not help with the cost curve at all: it even proposes to fund health care... by TAXING health care.
Score: Obama: D for effectiveness, F for transparency, D for integrity, F for adherence to campaign promises.
Congress: F for transparency, F for integrity, F for effectiveness, F for statesmanship, F for fiscal responsibility.
Meanwhile, deep structural damage is eating away at the Main Street economy through joblessness and foreclosures. -
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fjgalt1 month, 3 weeks ago
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Anyone can say anything they wish about whether the stimulus program accomplished anything. It is something that cannot be measured without a set of parallel worlds, each with its own set of experimental conditions. The only way to determine whether stimulating the economy by the government works is to use reason and logic.
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Just as it cannot give anyone wealth without first taking it from someone else, the government, a non-productive expropiating force, cannot create a job without first destroying one or more jobs.
The government has a few ways it can take people's wealth: outright taxation, inflation (stealing the value of people's money), and borrowing. If it does the first two, it immediately lessens the ability of those taxed to spend and/or invest their wealth. Less demand results in less supply; hence, loss of jobs and prevention of new jobs. If it borrows the money, the loss of demand and jobs is pushed to the future, with the additional burden of interest on the debt.
The net result is always the loss of jobs when the free market is thwarted. Also to be considered is that politics is involved with government programs, so many of the "created" jobs will be non-productive jobs, i.e., the jobs won't produce any wealth so they become a drain of wealth.
Finally, there are the "transaction costs" or costs for the government to create the job, which is why a median paying job costs three or four times that to create. That amount of money in private hands would create three or four jobs to every one created by the government.
Laissez-nous faire -
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Wolfie20071 month, 3 weeks ago
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fjgalt1 month, 3 weeks ago
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It would be nice if the opposition party would vow to eliminate the program and save the taxpayers the unspent "stimulus" money. However, by the time they would take office, the demoncrats would have spent it on getting re-elected. That's a BIG warchest for the 2010 elections.
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injest1 month, 3 weeks ago
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hefaa1
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“With less the 20% of the stimulus package spent so far, it a little early to judge it's effectiveness don't you think.”
Uhmmmmmmmmmmm NO. It is Obama admin telling you this is as good as it’s gonna get!
“Romer: Impact of stimulus will level off
By JIM KUHNHENN (AP) – 2 days ago
WASHINGTON — A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth”
According to what Christina Romer, “chair of President Barack Obama's Council of Economic Advisers” said we have already seen the BEST effect of the Stim plan!
Even Ms Happy Happy can’t put a happy face on the stim plan results.
BTW, Its $350 billion of the $787 billion has been spent or allocated already or obligated.
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