Pres BO is in "full mute mode" on GITMO, Libya and that stimulus rushed through the Congress back in March 2009.
What is the balance 27 months later?
We did spend US$ 787 billion. As the report indicates, and many on our side predicted, the money went to save public sector jobs.
What's wrong with saving public sector jobs? Nothing unless you do it by borrowing money.
What happens now? All of those public sector jobs are likely to disappear this summer because the states can't afford them. Also, Pres BO can't pass another stimulus!
IBD has a good analysis today. They look at the promises and correctly conclude that the stimulus was a lot more "hype" than jobs:
"Obama also said that the extra highway money would "create or save" 150,000 jobs by the end of 2010.
Well, the results are in.
A new study by economists Timothy Conley of the University of Western Ontario and Bill Dupor of Ohio State found that despite the influx of all that federal money, highway construction jobs actually plunged by nearly 70,000 between 2008 and 2010.
As the authors explain, many states simply took the free federal money and shifted their own highway funds to meet other needs.
In fact, in some states, highway spending dropped, even with the added federal money."
You can read the report mentioned above here. It is very good but very long. Make sure that you have enough paper in your printer.
What's the box score on the stimulus? No private sector jobs, lots of new debt and the public sector jobs that will disappear this summer.
Like everything Obama, it was a lot of "hype" rather than "hope". Also, it made our financial situation a lot weaker because we borrowed the money!
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