The failure of a stimulus
Over a year ago, the American people placed an enormous amount of trust in President Obama to make good on his promises of renewed responsibility and a new era of political bipartisanship. However, when faced with an extreme economic downturn he used the crisis as a means to his liberal ends and with the help of his Congressional allies forced his failed $862 billion stimulus package on America.
Today marks the one-year anniversary of this failed stimulus package, something the president still claims as one of his signature achievements and which he proclaimed would “create or save” 3.5 million jobs and keep unemployment below 8 percent. Since those early heady days of the Obama administration the American people have seen behind the curtain of rhetoric and watched as millions of jobs were lost and unemployment rose into the double digits.
While the Democrats spend their President’s Day recess celebrating their stimulus bill, something Speaker Nancy Pelosi called “a hallmark achievement of this Congress,” the American people are faced with the daily consequences of broken promises and fiscal irresponsibility. The fact is over 20,000 Americans lost their jobs in the month of January, meaning more than 2.8 million Americans have lost their jobs since the stimulus passed. And let’s not forget the 136,000 workers became discouraged last month from seeking work, bringing the total number of workers who have given up hope of finding a job to over 1 million.
President Obama promised 3.5 million jobs would be created by December 2010 which means Democrats need to create 6.3 million jobs over the next 10 months to meet their own rhetorical standard, a level of job growth that has never been achieved in American history. The president might call his fiscal and job creation plans a “new foundation for prosperity,” but in reality his binge spending agenda sets the stage for the type of economic stagnation that would make even Jimmy Carter blush.
Now let there be no question: the American economy will recover. The American people and their ingenuity, entrepreneurship and resiliency have always overcome challenging times. But President Obama and Congressional Democrats have done nothing to help the worker or the entrepreneur to overcome such times sooner. Instead, they conceitedly pushed a job-killing agenda that included a $2.5 trillion government takeover of health care and a cap-and-trade national energy tax scheme that has only brought instability to our economy and insecurity to the American people.
President Obama pledged that Joe Biden would lead “unprecedented oversight effort” for the $862 billion stimulus package, “because nobody messes with Joe.” However, here in the real world almost everyone messes with “Joe,” and in light of a year full of false job reports, phantom Congressional districts, and millions spent on “stimulus” road signs, it is clear that “Joe” has lost whatever edge he might have had.
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Finally Mr Steele discovers some kind of resolve. Bravo! Keep it up!
The charges against Mr. Bush spending money need to be addressed as ignorant people always use that to slap at Michael Steele.
First, Mr. Bush invested a trillion dollars to save America from a Bill Clinton recession begun in 2000 from his retro active taxes which killed the Reagan expansion.
Second in this 9 11 happened because Mr. Clinton failed to deal with al Qaeda which he created when he brought Afghanistan fighters out of Asia for his Kosovo War. 9 11 initiated from the Clinton recession a global depression.
Mr. Bush printed 1 trillion dollars for stimulus which it did, and it worked until George Soros with the European cartel backed by Mr. Obama looted this in high fuel and food prices.
Mr. Bush in economics was using debt spending on the Rothschild and Rockefeller inflationary scale which devalues currency and deflates debt out in the long term. This is a sound economic protocol, but it is not the best and will not defend it.
I will though express that Mr. Bush was forced into an impossible situation which he managed as is being noted by the failure of Mr. Obama, how good of a job he did.
Mr. Bush also was borrowing on assests America had which is far different from Mr. Obama spending money on debt equity.
Debt Equity is all that is left in an asset structure where you can borrow against your debt in promise your word is good to pay it off. That is the difference in Mr. Obama and Mr. Bush, and for those who attack Michael Steele and the GOP are just showing pure ignorance, because Obama is making debt which no one wants.
That is the fact as Obama can not sell bonds any longer while George W. Bush could.
For the ignorant people, meaning uneducated to the facts of government in not being inside the economic structure, Obama debt is criminal looting of the Treasury as he prints money with nothing to back it, and is bankrupting America by spending more.
The GOP is correct in demanding spending cuts and the Democrats are insane in demanding more in taxes. Obama has been making stealth taxes in phone charges, car tires, electric bills and only he knows the looting as time and again new charges are showing up on consumer billing gouging Americans in new Obama excise taxes.
George W. Bush deliberately raised spending in order to bring America to this point in liberals would have no more money to spend. No one and I mean no one in their sane mind ever pondered a debt Mr. Bush created would have Obama, Pelosi and Reid borrowing on the debt structure and handing it over the European cartels as it would mean the aborting of America.
Those are the facts in this and it is nothing but ignorant cheap shots at Michael Steele in not assessing the entire political, security and debt structure.
Michael Steele is a political lead, so one gets political posts from him. He does not hide that, but it is unkind and uninformed to attack him for pointing out the facts, and then to run back to George W. Bush which was absolutely a different era and what now has proven to have been a brilliantly managed impossible situation in repeated 9 11 attacks on America by the President.
Mr. Bush according to reports has the 2008 crisis fixed before he left office in January 2009 in the economy had stabilized and was starting to grow. Obama came in and in February destabilized things for his agenda and all has been a massive strangulation ever since.
Mr. Bush had this fixed for 350 billion dollars. Mr. Obama has spent 13 trillion dollars in 2009 through nefarious means along with Geithner manipulating the stock market which is criminal.
Attacking Mr. Steele would be like the French attacking the American liberators at Normandy for landing on Omaha beach. Mr. Steele and the GOP is all America has compared to Obama Marxism. The Tea Party movement is all that has saved America to this Mexican standoff.
American have got to stop being snotty anarchists in attacking everyone and start building a political party which will be sound economically, drill for oil for energy needs, create jobs and keep America from a coming nuclear 9 11.
Mr. Obama has failed. Mr. Bush succeeded at impossible odds. Mr. Steele and the GOP are offering a way out. The alternative is the Obama abyss as the complainers have no idea how bad this is going to be by Obama design.
2008 is going to seem like a holiday before this ramps up to the terror it will be.
Chairman Steele, When you write of “fiscal irresponsibility, are you including the over trillion dollar debt run up by the Bush administration by engaging in two wars off the books and passing a medicare prescription bill off the books? Are you including the billions of stimulus dollars that went to unnecessary tax cuts in the stimulus bill just to appease the republican corporatists? Are you including the billions of dollars of stimulus funds elected republicans have touted as providing for their constituents? If you are, then maybe we can talk.
The intellectually and factually challenged leader of the GOP regurgitates more pablum and misinformation from his lie-hole. He complains about job losses under Obama, yet doesn’t address HOW THEY GOT THERE IN THE FIRST PLACE, and that, under this president, the situation has turned around rather dramatically. He also labels the stimulus “failed,” yet more economists than not agree it helped stave off disaster and has kept 2 million off the unemployment rolls (Ask the states who are happy to get this money). He also does not address the hypocrisy of GOP members – such as himself – that claim Recovery Act failure, yet attend ribbon cutting ceremonies and boast about the good things happening in their districts because of the stimulus. Mr. Steele is a B.S. artist for sure – or he wouldn’t have the top job of selling the GOP’s B.S. – but his latest attempt to gloss over the stink of his party’s unsuccessful attempts at governing and continued disinterest in fixing the problems they created are stunning. Nobody takes what this guy says seriously anymore – he is a bad joke in an even worse suit. Keep him as your leader, please, his negative impact on the GOP can only help the progress of this great nation.
Great TEA party inspired rhetoric, Mr. Steele. We need more of it from the GOP establishment.
http://libertyatstake.blogspot.com/
http://www.nytimes.com/2010/02/17/business/economy/17leonhardt.html
Obama’s answer; spend more!
No, it is the answer of economists on both the left and the right.