Posted on 11/07/2009 4:10:54 AM PST by reaganaut1
A familiar definition of insanity is to keep doing the same thing and expecting different results. So in the wake of yesterday's report that the national jobless rate climbed to 10.2% in October, we suppose we can expect the political class to demand another "stimulus." Maybe if Congress spends another $787 billion in the name of job creation, it can get the jobless rate up to 12% or 13%.
It's hard to imagine a more complete repudiation of Keynesian stimulus than the evidence of the last year's job market. We've now had two examples of such stimulus—President Bush's $160 billion effort in February 2008 and President Obama's mega-version a year later—and neither has made even the smallest dent in employment. As the nearby chart shows, Mr. Obama's economic advisers sold the stimulus by saying it would keep the jobless rate below 8%.
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If Democrats really want to create jobs and save themselves from a debacle in 2010, their best policy option is to stop creating so much investment uncertainty and additional barriers to business hiring.
Stop trying to raise business costs by making it easier to unionize via "card check." Stop trying to raise energy costs with a cap-and-tax bill. Stop adding to the deficit and future tax burden with a 12% increase in domestic spending for 2010.
Above all, stop trying to ram through Congress on a partisan vote a health-care bill that imposes a 5.4-percentage-point income tax "surcharge" on anyone making more than $500,000 a year. The Joint Tax Committee reports that one-third of this $460.5 billion tax increase will be paid by small business job creators who file their taxes under the individual income tax code. Amid a 10.2% jobless rate, the highest in 26 years, this tax increase is the definition of insanity.
(Excerpt) Read more at online.wsj.com ...
It struck me as deliciously ironic when Mr. Obama, in his remarks yesterday on the subject, asserted that ‘We’re heading in the right direction’, given that the ‘official’ unemployment number has gone from some 6percent to over 10percent...
If we keep going in his ‘right direction’, we may be at 20percent before long....
He thinks people are stupid. They know he is to blame and he did not save a Million jobs.
” He thinks people are stupid. “
The fact that he was elected to office lends some validity to his belief....
What they are doing is giving states money to paper over their current account deficits. The vast bulk of their spending does nothing to actually stimulate the economy, it merely running up more debt to pay off existing debit.
What the Democrats are doing is akin to a person borrowing money on their Visa card to pay their Master Card bill.
Stop trying to raise business costs by making it easier to unionize via "card check." Stop trying to raise energy costs with a cap-and-tax bill. Stop adding to the deficit and future tax burden with a 12% increase in domestic spending for 2010.
the whole article was great. ONly a community organizer would disagree with the article.
to bad the average person can’t not understand this.
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