Monday, June 08, 2009
Update on the fairy tale: The "stimulus" plan that IS NOT stimulating anything except huge federal deficits!
Do you recall the stimulus plan signed in February? I'm talking about the one that no one read!
It turns out that the stimulus plan is not stimulating.
I guess that's what happens when adults get invested in "a fairy tale".
Randall Hoven writes for American Thinker. He has been a guest on our show a couple of times.
Today, he wrote The Obama Recession, along with the above graph:
"I think it is time to call it "The Obama Recession."
Using Obama's own numbers, we are now worse off than we would have been had Obama's stimulus not gone into effect.
Early in the Obama administration, his economic experts put out a report on the predicted effect of his recovery plan on jobs, "American Recovery and Reinvestment Act: Job Impact by Congressional District" .
In that document is a reference to another document, "The Job Impact of the American Recovery and Reinvestment Plan" , dated January 10, 2009.
I give you these references and links so you know what is shown below is real.
In the second document, a figure shows the predicted unemployment rate with and without President Obama's stimulus package, the one that is supposed to "create or save" 3 million jobs.
That figure from January has been updated for reality through May's unemployment figure, the one just released today (Friday, June 5) by the blog Innocent Bystanders."
How did it happen?
Why did it happen?
First, IBD reports that the money has not been spent:
"As we've been saying for months, the economy was due to turn around — with or without the stimulus package that was passed Feb. 17 amid much hoopla.
Recall that, at the time, the main selling point for the $787 billion stimulus package was that it would rapidly inject massive amounts of money into the economy through thousands of "shovel ready" projects just waiting to start up.
Nothing of the sort has happened. It's been a slow, grinding, bureaucratic mess, with few results.
So far, just $43 billion in stimulus money has been spent.
As we've noted, that's nothing in a $14 trillion economy, and certainly not enough to account for the modest signs of recovery we're seeing.
The official government Web site, recovery.gov, said right after the stimulus was passed that it "will save or create good jobs immediately."
And the chief White House economist in January predicted that unemployment would top out at 8% if the stimulus were passed.
Well, we've lost 1.5 million jobs since the package was signed, while unemployment has hit 9.4%, a 25-year high.
Second, it was not a stimulus plan. You can not stimulate the 2009 recession by spending money in 2010!
The fairy tale needs a chapter 2. Where are we going to find the money to have a stimulus part 2?
P.S. Former Gov Romney was right: Stimulate the economy, not government
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