White House Admits Stimulus Already Losing Steam
Posted by Jim Hoft on Thursday, October 22, 2009, 6:24 PM
The US unemployment rate rose from 7.6% to 9.8% under Obama… the highest rate in 26 years.
Chart from the Bureau of Labor Statistics- via Sweetness and Light
Obama said with the Stimulus Bill the unemployment rate would not go over 8% but the unemployment rate is currently at 9.8%.
The White House admitted today that the record $787 billion stimulus was losing steam.
The AP reported:
A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year.
Christina Romer, the chair of President Barack Obama’s Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010.
There we go with those bogus “created or saved” numbers again.
In truth Barack Obama promised his stimulus plan would create 2.5 million jobs. Instead, the record spending produced 30,083 jobs including reportedly 20 jobs in Connecticut, 28 jobs in Vermont and 22 jobs in New Hampshire.
ADVERTISEMENT
-
Featured Story:
Rough Night… Obama Loses 36 Arkansas Counties to Unknown Democrat – Loses 67 Kentucky Counties to “Uncommitted”
Published May 23, 2012 at 4:57 am - 67 Comments
bg commented:
++
OT..
Shariah-compliant stock index comes to TSX
Barack Obama linked to Chicago sharia finance fugitives wanted by FBI
you don’t have to believe me.. but you best believe
Obama when he says.. “you ain’t seen nothin’ yet!”
==
DaveinPhoenix commented:
Actually, for a bunch of tax cheats who’ve never worked a day in their sorry lives, or even run a lemonade stand, they are destroying the economy slower than I thought they would….
Chisum commented:
Must be time for another “stimulus”, Except they won’t call it that.
Eriah commented:
This is the White House preparing for a new stimulus.
“White House admits the stimulus is already losing its steam”
Translation:
The White House is coming down from its spending fix and needs another hit.
Mike W commented:
Another Stimulus. You bet there is an election to be stolen in 2010 and the dems have the thugs at SEIU and ACORN to pay off.
Stephen commented:
It never had any steam.
Sequoia commented:
Of course the stimulous is “running out of steam”…
1) Virtually none of the money has gotten to the street. I feel like an idiot for even MENTIONING this, because it’s a tacit endorsement for Keynesian (sp.?) economic theory. Rahmobama simply seized on the fear around election time and rammed the bill through.
2) Assuming there is any lift associated w/massive $$ (unsecured debt) hitting the system, wouldn’t they want to time this closer to the 2010 elections??
I can guarantee there is another stimulous bill being crafted right now.
What scares the crap out of me: What kind of fiscal/economic crisis are they going to manufacture to help scare the hell out of every American to get this new stimulous bill through.
And it won’t be called a spending bill, it’ll be likened to the surge in Iraq…just a little more junk cash in the system to keep us in power 4 more years.
Make it Happen commented:
Obama is a disaster…worst administration in the history of the United States. I’m just waiting for Bo Jiden to show up on national t.v. to tell middle class Americans it’s their “patriotic duty” to start ponying up more tax dollars.
Indigo Red commented:
HEY!! You can’t fool me… that’s the Global Warming Hockey Stick Chart!
reader2551 commented:
They should make the second Stimulus about 100 Trillion dollars. That would be about a half trillion for each DemocRAT in Congress. As long as they get theirs the hell with the country.
Estragon commented:
Such blatant purveyance of Badthink will get you on the short bus to the Reeducation Retreat along with the Fox News folks.
One day, when the bright Obama sun has fully risen, it will be a crime to falsely claim the “unemployment rate rose from 7.6% to 9.8%” when in fact the rate actually FELL from 7.6% to 9.8%. If you count the jobs Obama “saved” along with those he created, there is in fact NO unemployment at all in the United States, except of course those put out of work by George W. Bush and Republican obstructionism.
You gots to love Big Bro, even if he has to tase you until you do.
John DeFlumeri Jr commented:
If the stimulus didn’t work, What Will Work Then?
John DeFlumeri Jr
TK commented:
If the stimulus didn’t work, What Will Work Then?
John DeFlumeri Jr
What works every time it’s tried. Lower taxes, lower regulation, get the Government the hell out of the way of Business so they can create jobs. Then people spend money. Then the economy grows. Not hard.
Michael A. Horvath commented:
From a statistical standpoint, if the measurement (unemployment) has a primary relationship to a problem, the deviation around the mean would be random,
If the mean changes, it is an indication that there is a change occurring in the system and when the change becomes exponential, as in the unemployment graph, it is a signal of systemic failure.
If there is a relationship between unemployment and the economy, this would indicate that the failure catastrophic.
The seeds of this failure may very well be the band-aids applied to the symptoms, that have only treated the symptoms of the problems affecting our economy, and not treated the problem, which more and more appears to be the increasing debt of our society, both private and public.
TJ commented:
The original political payback was not enough money to get all of the crooks to align with Obamao’s scheme.
PL commented:
If the stimulus didn’t work, What Will Work Then?
John DeFlumeri Jr
What works every time it’s tried. Lower taxes, lower regulation, get the Government the hell out of the way of Business so they can create jobs. Then people spend money. Then the economy grows. Not hard.
TK
In addition they could stop doing destructive crap like this:
http://tinyurl.com/ykb8pwn
Snip:
In unusually pessimistic comments for a senior political figure, Senator Joyce said the US Government was running such large deficits and building up so much debt that it was in a similar position to Iceland or Germany before World War II.
.
.
”Far from turning around the [George] Bush legacy of deficits and debt, [US president Barack] Obama has made it worse. It has got all the hallmarks of a financial collapse about to happen in America.”
Senator Joyce said investor concerns about the American Government’s ability to fund its deficits were already undermining the role of the US dollar in the international trading and financial system.
”The US dollar is almost becoming like junk bonds,” he said.
Chisum commented:
Year-end Deficit Report, Part 2: AP’s Crutsinger Misses ‘The Year of Going Galt’
Associated Press reporter Martin Crutsinger, in his Saturday morning report on the federal government’s full-year fiscal results, conveniently “forgot” about a major accounting change that enabled President Obama’s Treasury Department to report a final “deficit” of “only” $1.417 trillion.
http://newsbusters.org/blogs/tom-blumer/2009/10/23/year-end-deficit-report-part-2-aps-crutsinger-misses-year-going-galt
timajin commented:
W.T.F! A trillion dollars in debt that my kids will be paying off through their dying days delivered us NOTHING. This admission should scare the living SH*T out of everyone about them doing ANYTHING with health care. At least if we have to live the rest of our lives paying off O’doofus’ debt, I want to be healthy.
Guess Who commented:
What works every time it’s tried. Lower taxes, lower regulation, get the Government the hell out of the way of Business so they can create jobs. Then people spend money. Then the economy grows. Not hard.
Lower taxes would increase the deficit–lower taxes is stimulus.