Posted on 07/15/2009 5:50:12 AM PDT by Oldeconomybuyer
The economy has gotten worse than the Obama administration had predicted it would be even if Congress had spent nothing on “fiscal stimulus.” Although some are arguing that this gap is proof that more stimulus is needed, it really shows that the cost of the American Recovery and Reinvestment Act of 2009 — and laws like it — far exceed their benefits in the form of economic stimulus.
The Obama administration had said that the stimulus bill would “save or create” 3.5 million jobs while adding $787 billion to the federal budget. Admittedly, some of this money went to taxpayers and to some worthwhile public works, but it also created additional economic burdens in the process of collecting the taxes and issuing the debt to pay for it. To an order of magnitude, the promise of those 3.5 million jobs cost a quarter of a million dollars per job promised.
If instead the fiscal stimulus “save or created” just one million jobs, that doesn’t mean that the stimulus should have been 350 percent bigger. Rather, it means that each job promised cost almost $1 million each!
Congress needs to ask the stimulus advocates why just one job promised is worth hundreds of thousands of taxpayer dollars, and why they are so sure that the promised jobs will turn into actual ones.
Even better, they should consider turning off the first stimulus before more tax dollars are wasted.
(Excerpt) Read more at economix.blogs.nytimes.com ...
The Times sold its classical radio station to its Mexican pals. Drip...drip...drip...
Funny that the author’s name is Mulligan.
NY Times: Forget a ‘Second’ Stimulus. Stop the First One!
Sudden drop in temp....is it about to freeze over?
It wouldn’t be the second “stimulus”. It would be the third. The first was the $300 and $600 checks sent out last summer. That one didn’t work, either.....
I truly believe Obama’s approval numbers are a lot worse than anyone is leading on. I think everyone is smelling blood in the water.
In my precarious memory Bush gave those rebates twice. If I am correct, we are already on stimulus three, and another one would be #4.
“NY Times: Forget a ‘Second’ Stimulus. Stop the First One!”
Has the NYT decided it doesn’t want to go down with the good ship Obama? When the American public realizes the ‘Bama’s taking us on a one way ride to political/economic hell, will the public remember who put the ‘Bama where he is? My guess is yes.
Great catch!
Remember when Bush was President & Americans had jobs
Could it be that after years of fruitless searching, the NYT has stumbled on a clue?
We can’t let the media escape blame. Now they will try to scurry away.
They are responsible for the disaster that is Obama. The media, teachers, unions, Hollywood ...
The NYT was in the vanguard.
Just ask yourself: Am I worse off than I was four years ago?
Four months ago?
Four weeks ago?
Four days ago?
Four minutes ago?
POINTS TO PONDER We can safely conclude that creating jobs was apparently NOT the reason for the stimulus.
POINT ONE On June 9 President Obama called a press conference to announce, "Several financial institutions are set to pay back $68B to taxpayers." While Mr. Obama's announcement was welcome news, it was assumed that any money or profit would be returned to the general funds from whence it had come in order to pay down the debt. The truth, however, is that the money returned by the banks is finding new life as part of what amounts to a Treasury Department-controlled slush fund.
It was assumed that any bank bailout money or profit givebacks would be returned to the govt's general funds--- from whence it had come--- in order to pay down the debt. The truth, however, is that the money returned by the banks is finding new life as part of what amounts to a Treasury Department-controlled slush fund.
POINT TWO We keep reading and hearing Congress rushed to approve the "$787 billion stimulus package" early this year, but very little of it has been used. Now uber-Lobbyist Thomas Hale Boggs, Esq (Patton Boggs) was interviewed by nightly network news last week. Boggs said there's $2 TRILLION federal stimulus waiting to be distributed..... AND that he is getting unprecedented numbers of calls from all over the US......from those who want a piece of it. Boggs is the son of former Cong Hale Boggs and brother of ABC-TV commentator Cokie Roberts.
POINT THREE Obama tapped VP Joe Biden to "allocate" the stimlulus $$trillions. Biden's family was involved with Texas financier H. Allen Stanford, now charged with an $8 billion offshore fraud, the WSJ said. The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related companies marketed the fund to global investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.......... Paradigm Global Advisors is owned through a holding company by the VP's son, Hunter, and Joe Biden's brother, James, according to newspapers.
VP Biden admitted on ABC's This Week with George Stephanopoulos that the Obama Admin "misread" the economy when he pushed the stimulus bill. The admin thought unemployment would not exceed 8% this year it is now at 9.5%). Also discussed is the need for another trillion dollar stimulus package. (Excerpt) Read more at freedomslighthouse.com. Watch video.
POINT FOUR How can this be legal? A jaw-dropping policy the White House released late on a Saturday afternoon........hoping we would not notice. "Following OMB’s review, the Obama Administration has decided to make a number of changes to the rules that we think make them even tougher on special interests and more focused on merits-based decision making. First, we will expand the restriction on oral communications to cover all persons, not just federally registered lobbyists. For the first time, we will reach contacts not only by registered lobbyists but also by unregistered ones, as well as anyone else exerting influence on the process. We concluded this was necessary under the unique circumstances of the stimulus program."
POINT FIVE The Reserve Primary Fund's recent failure was "a tragedy" said Crane Data. Without details, sounds like a very strange charge. It may just be a diversion and scapegoating in a broad "War on Wall Street" that Obama, Soros and FDIC's Sheila Bair, among others, are engaged in right now, to get complete control of our financial system.
POINT SIX Obama hid $17.5 BILLION stimulus in NJ (its governor is a Wall Street operator). This $17.5 BILLION cannot be accounted for. AN EDITORIAL June 22 reported NJ was promised complete transparency.....but there is virtually no information on the $17.5B federal largess via a Web site — www.recovery.nj.gov. A NJ TASK FORCE was created to review every step of the process and ensure that stimulus funds are awarded based on clear and appropriate criteria and then distributed in a prompt, fair and reasonable manner. The Web site, as currently constituted, does none of that. END EDITORIAL
WHERE DID OBAMA PUT THE FIRST STIMULUS TRILLIONS?
Americans are awakening to the possibility that govt insiders are mishandling trillions in stimulus------and that monies are being laundered in the states, and/or are being illegally directed to Democrat campaign coffers, or wire-transferred offshore into personal accounts.
Obama's vaunted "$787B stimulus package" is NOT working. Now his advisers are readying Plan B. Unfortunately, it's a repeat of Plan A.......this fits a definition of insanity: repeating behavior and expecting a different result. Much of the spending wouldn't take place for months, if not years.... it hasn't helped the economy, and has added hundreds of billions to the national debt.
WORKING THESIS Obama, Soros, and Rahm are seizing control of the US financial system for personal/political gain and to subsidize the takeover of the country via the "Civilian Security Force". (The money's there to make them as well-funded as the regular military).
Who died and left someone with half a brain at the NYT???
Just curious...how many jobs did George Bush “save”?
I don't know, but I don't recall any hemorrhaging of jobs comparable to today's situation.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.