...which in turn, makes me feel like this...
Posted on 10/22/2009 2:23:13 PM PDT by La Lydia
The government's economic stimulus spending has already had its biggest impact and probably won't contribute to significant growth next year, a top White House adviser said Thursday. Christina Romer, the chair of President Barack Obama's Council of Economic Advisers, said the initial jolt of the $787 billion stimulus expanded the economy in the second and third quarters of this year. But she said the remaining spending will simply keep the economy from slipping.
"By mid-2010," she said, "fiscal stimulus will likely be contributing little to further growth."
That assessment underscored the fragility of an economic recovery marked by stubbornly high unemployment.
Romer said the government has already spent $194 billion of the total stimulus package, most of it in tax cuts, aid to states and unemployment and food stamps. In addition, she said, $146 billion of spending had been already obligated.
Romer, testifying before Congress' Joint Economic Committee, said that as of August the stimulus had created or saved 600,000 to 1.5 million jobs. She said a premature end to the stimulus would be "misguided." "This is not a normal recovery," she said. "Coming out of this, we've got lots of things working against us," she said.
Unemployment will remain high, at or above 9.6 percent, through the end of 2010, Romer predicted....
(Excerpt) Read more at google.com ...
Yep. It’ll ‘level off’ alright! After falling off a CLIFF, it’ll be as flat and level as a pancake!
We’re so screwed...our kids are so screwed...our grandkids are so screwed...
Coming up? Bush tax cuts are not extended and then...Porkulus II! (Mark my words. It’s coming.)
All you have to do is look at “Cash for Clunkers”. Now that it’s over, nobody is buying any cars, so in the end, it didn’t change the number of cars bought in the long-run.
Romer betrayed her own thesis. She sold her soul when she joined Obama.
Its had no impact as far as I can tell.
49 states have fewer jobs than before it.
It’s actually worse, dfwgator....since they destroyed the used-cars that were traded in, it limited supply in the used-car market...meaning prices will increase in that market...
True, dat.
So what does all of this tell us about the “emergency” need to pass Porkulus so quickly last February????? Obama and Dems. were adamant that the bill be passed quickly. So now it appears that it didn’t matter, and all it really did was add $787 billion to the national debt.
Our grandkids are going to wind up cursing this generation, and for good reason.
...which in turn, makes me feel like this...
Ag commodities looking better and better, eh? Right now: gold, Ag, energy.
IIRC the 700 billion+ stimulus package wouldn't even go into effect for two years or more. Now we're being told there will be NO effect on future growth after next year.
In other words, the near-trillions authorized by congress was never intended to have any effect on fiscal growth.
Loved that movie.
I AM SICK OF THIS BS. THEY JUST PULL THIS CRAP OUT OF THEIR POSTERIOR PIEHOLES AND PRESENT IT AS SOME KIND OF FACT. THIS IS COMPLETE CRAP. THEY CANNOT PROVIDE ANY COGENT JUSTIFICATION THAT BACKS UP THIS IDIOTIC CLAIM.
/caps off
I’ll tell ya...every single day, I think to myself “Good God. This is “Atlas Shrugged” we are living through...”
Does that mean the real recovery will start?
Bill Foster: I'm the bad guy?
Sergeant Prendergast: Yeah.
Bill Foster: How did that happen?
You remember correctly, but then we knew all along they were liars.
If my math is correct that leaves 447 billion left to be spent. So 57% has been spent or allocated. What about the remainder of the funds? That is a chunk of change left.
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