Welcome to the real world: The Obama Stimulus of 2009 did not stimulate anything, or precisely what so many economists said when it passed about 27 months ago.
Today, we got some bad news about the US economy:
"New claims for unemployment benefits unexpectedly climbed to 424,000 last week from a revised 414,000 in the prior week, pointing to a painfully slow improvement in the nation's job markets." (FOX)
And there is more:
"Last week marked the seventh straight week in which claims topped the 400,000 level, indicating that payroll growth is soft and may continue to be so for some time.
A department official said there were no exceptional factors to account for the rise in last week's claims."
Sorry but this is an embarrassment for the Obama administration. Who is going to get fired for this embarrassment?
And there is more:
"Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.8 percent in the first quarter of 2011, (that is, from the fourth quarter to the first quarter), according to the “second” estimate released by the Bureau of Economic Analysis.
In the fourth quarter, real GDP increased 3.1 percent." (via EdM of Hot Air)
Again, this is another embarrassment. Our GDP growth went down to 1.8%!
So who is going to get fired over this?
We put a plan in place in March 2009 and it promised to keep unemployment under 8%.
Instead, we have 9% unemployment, a very sluggish economy and more people are filing for unemployment claims!
We can't fire Pres BO until Nov '12. However, will we see Pres BO fire his economic team and replace it with people who actually understand how a capitalistic economy works?
Or people who have actually created jobs rather than organize communities?
We need some leadership rather than another "I killed Bin Laden" speech or more "pandering to mexicanos" like we saw in El Paso!
Check out our interview with Mario Yngerto, DFW businessman, and Israel Ortega of The Heritage Foundation:
Listen to internet radio with Silvio Canto Jr on Blog Talk Radio
Tags: The US economy 2011, The stimulus that did not stimulate TAGS To share or post to your site, click on "Post Link". Please mention / link to the My View by Silvio Canto, Jr. Thanks!
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