A Keynesian Catastrophe–
This week is the fifth anniversary of the Obama-Pelosi stimulus.
And the results were not what Obama promised.
It was a bust.
The Wall Street Journal reported:
“The $830 billion spending blowout was sold by the White House as a way to keep unemployment from rising above 8%. But the stimulus would fail on its own terms. 2009 marked the first of four straight years when unemployment averaged more than 8%. And of course the unemployment rate would have been even worse in those years and still today if so many people had not quit the labor force, driving labor-participation rates to 1970s levels.”
And Zero Hedge provided this helpful stimulus chart:
It cost taxpayers roughly more than $0.50 for each and every dollar of economic growth over the last 5 years. $206,879 for every job created. $0.84 for every dollar of real personal consumption expenditures and $0.90 for every dollar of increase in real personal incomes (not including government transfers).