Posted on 01/23/2011 9:12:10 AM PST by Nachum
Democrats have lambasted Republicans for years for believing in "Voodoo economics."
Well, the evidence is mounting that economic superstition is alive and well in the nation's political circles, though it has nothing to do with a fondness for tax cuts. It's instead the crazy belief that the government can spend its way to prosperity for the rest of us. Underscoring this conclusion, the Ways and Means Committee in the new GOP-majority House released a report titled "It's Official: On Unemployment and Jobs, Democrats' 2009 Stimulus Was a Huge Failure."
The Ways and Means report provides a number of striking reminders about the predictions the White House made in January 2009 while urging the passage of their $814 billion Keynesian spending bill. By January 2011, the stimulus bill was supposed to have lowered the unemployment rate to 7 percent. It now stands at 9.4 percent, and the report notes that "the unemployment rate would be 11.3 percent if it included all the 'invisible unemployed' -- American workers who have simply given up looking for work." The report also claimed that the stimulus would create 3.7 million jobs by now, for a total of 137.6 million jobs in the American economy. Currently, there are 130.7 million jobs. Since passage of the stimulus, 47 of the 50 states have lost jobs; overall, the private sector has seen 1.8 million jobs disappear.
(Excerpt) Read more at washingtonexaminer.com ...
I prefer the term “Obamunism.”
Gee, had they listened to an economist who was a economist first, and a Democrat second...
The contrast;
Oct 2009 at a Press Conference following the Economic Forum with Pelosi, House Democratic Leaders, and Economists;
Former Federal Reserve Vice Chairman Alan Blinder
“...we’re looking at an absolutely horrendous long-term fiscal outlook...”
vs
12/16/2009 Wall St. Journal : The Case for Optimism on the Economy | Alan Blinder
http://online.wsj.com/article/SB10001424052748704869304574596121329841680.html
“Investment has three components: business investment, inventory stocking, and homebuilding.
Business investment remains 20% below its 2008 peak
While real GDP was falling 3.7%, payroll employment dropped 5%, devastating many American families.
The investment slingshot and the fiscal stimulus will both peter out in 2010. Consumer finances and confidence are shaky. Banks are still failing and commercial real estate is a mess. We cannot count on exports to pull us out of this slump. All true.”
It can’t be true. I heard Dick Durbin say this morning on Fox that they created over a million jobs last year! /s
Looks like Alan Blinder was the only economic without “blinders” on regarding the state of the economy.
No wonder he no longer works for the Great One.
Looks like Alan Blinder was the only economist without “blinders” on regarding the state of the economy.
No wonder he no longer works for the Great One.
“It’s instead the crazy belief that the government can spend its way to prosperity for the rest of us.”
Yah, yah, the Ghosts Keynesian Past...tell us something we don’t know.
I prefer the term “Obamunism.”
Indeed. But I’ve come to spell it “Obammunism”. You know, two “m”s, like in Communism.
Gee, had they listened to an economist who was a economist first, and a Democrat second...
Uh, yeah. I mean, after all, Obama fired everyone of his administration that promoted the failed Keynesian stimulus, and the voters fired quite a few of Congress who voted for it.
While the voters really meant their firings, of course Obama was just trying to manufacture some scapegoats with his firings, because Porkulous was just a big political payback and a big part of the redistribution he wanted all along. After all, the WSJ is saying Obama will be calling for, guess what, MORE government spending tomorrow in his SOTU speech. But, gee, why am I not surprised. As I vaguely seem to recall, Obama’s answer to all economic woes is to:
1. Spend more.
2. Tax more.
3. Regulate more.
And then he pretends to wonder why things aren’t getting better. But hey, everyone, that’s Obammunism for you in a nutshell!
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.