Dad2three
Gold Member
YOUR inability to recognize stimulus DID help the economy...
How the hell did the Stimulus help the economy?
Liberals sold the criminally fiscal spending fiasco much like they sold the ACA, through LIES and B$! They claimed this nearly $1 TRILLION nightmare was a 'JOBs' bill, but when the smoke cleared it was revealed that it cost tax payers OVER $742,000 PER JOB Obama CLAIMED to have created / saved. It actually cost MORE than that, as it was PROVEN that the Obama administration INTENTIONALLY over-inflated the 'jobs created / saved' numbers - one company demonstrated how Obama had claimed to have 'saved' more jobs than actual people who worked there!
Having just secured a NEAR-Super Majority control of Congress, Liberals decided to REWARD themselves by passing the biggest 'DNC Wish List' seen in decades...at tax payer expense. The bill contained OVER 7,000 pieces of self/party-serving PORK that included everything from personal 'LOANS' - that have never been paid back to the American people - to Boxer's husbands to help bail out his bankrupting businesses to money to people/orgs that helped them get (re-)elected! The GOP did not have 1 single earmark in this Liberal 'wet dream'...and to top it off it violated Obama's PROMISE he made that he would veto / prevent any earmarks from being passed.
Despite the 'Community Organizer's promise to create 'shovel-ready' job ,he was forced to admit to the nation that there was no such thing, that he did not know they did not exist!
The 'Cash for Clunkers' program turned into a bust as having to destroy all the used cars turned in caused a shortage of used cars and ended up jacking up the prices for used cars, which in turn hurt the Middle Class.
Obama's Socialist move of 'Nationalizing' GM violated Federal Bankruptcy laws, gave half ownership of the company to UNIONS (who were a major part of why GM was doing so badly), caused the partial sell-off of the US Car Manufacturing company to a foreign owned company that was in worse shape than GM was in, and years later the US sold MOST of their shares of GM stock (bought with tax payer dollars) for a LOSS.
But enough of ME stating the Facts...From US News AND The Wall Street Journal, here are the 5 Biggest Failures of Obama's Stimulus:
1. Obama's economic advisers promised the stimulus would keep the unemployment rate below 8 percent. In 2012, the unemployment rate was supposed to fall below 6 percent.
- TRUTH / FACT: Unemployment soared above 10% (10.1%) after passage of the Stimulus. in 2012 12.8 million Americans were unemployed, 8.2 million cannot find enough work, and 1.1 million have given up looking for work altogether. Today an estimated 94,610,000 Americans are out of work and under-employed, and un-employment is still well above 8%, the supposed maximum rate promised, and certainly above 6 percent promised. The Obama administration does not use this number, however, to report the accurate unemployment rate, falsely claiming instead that unemployment is around 5.2%
2. Obama promised the stimulus would not only have a large impact but also an immediate impact. Said the president-elect, "I'm confident ... our 21st century investments will create jobs immediately," adding, "We've got shovel-ready projects all across the country."
- TRUTH / FACT: Obama was forced to admit there was no such thing as a 'shovel-ready' project, laughing as he made the statement on TV. Instead of using a large portion of the nearly $1 trillion Stimulus funds to help repair infrastructure in much need of repair, Democrats applied much of the money to their own pork projects. Obama FAILED to deliver on the promised 'immediate jobs'—and at great cost to taxpayers - Over $742,000 per job 'created' / 'saved'
3. President Obama said in February 2009 that the stimulus would lift "2 million Americans from poverty."
- TRUTH / FACT: Since Obama took office and as of 2012, 6.3 million Americans have fallen into poverty. There are more today, and the Middle Class has shrunk, threatening to reach a level where it is unable to continue to sustain paying for the bulk of the administration's / government's social programs and spending.
4. The "green economy," Obama vowed, would create millions of jobs.
- TRUTH / FACT:
The Energy Department handed out OVER $35.2 billion in stimulus money to jumpstart the clean energy industry, but it created more red ink than green jobs. Nationally, green technology accounts for just 2 percent of employment nationwide and there has been no marked boom in the industry.
Also, those 'loans', however, have created quite the scandal. Nearly half a billion in taxpayer dollars was 'lost' to the now-bankrupt solar energy company Solyndra ALONE (and there were 12 other such companies that were handed tax payer dollars just so big Obama donors would not lose their investments in these companies). The company - Solyndra, which has since laid off over 1,000 workers, was Obama's self-described 'poster-child' for "American ingenuity and dynamism" in 2010. Today, it's the poster-child for the hazards of reckless spending.
5. Obama's 5th Promise was that there would be one million electric cars. Obama promised the stimulus would put one million electric vehicles on the road by 2015.
- TRUTH / FACT: In 2012 the Washington Examiner reported that "evidence is mounting that President Obama was overly optimistic" to make that pledge. Today - FAIL!
HERE'S ANOTHER MONUMENTAL OBAMA STIMULUS FAIL:
Baltimore Received $1.8 Billion from Obama’s Stimulus Law
City burned despite ‘massive investment’ implemented by president
President Obama claimed that if the Republican-controlled Congress would implement his policies to make “massive investments in urban communities,” they could “make a difference right now” in the city, currently in upheaval following the death of Freddie Gray. Baltimore was his 'poster child' - his shining example of this declaration. To prove that he was right he gave Baltimore $1,831,768,487 to make that 'massive difference'. Unfortunately that 'massive difference' resulted in rioting, burning, and looting....and even MORE tax payer dollars called for to help Baltimore recover and rebuild from it's own internal melt-down. FAIL!
Baltimore Received $1.8 Billion from Obama’s Stimulus Law
TELL ME YOU AREN'T STILL LIVING IN 2011 BUBBA? This crap was LONG ago debunked
STIMULUS WAS $787 BILLION (40% TAX CUTS, 40% AID TO STATES SAND 20% JOB FOCUSED)
What Debate? Economists Agree the Stimulus Lifted the Economy
The Initiative on Global Markets at the University of Chicago — hardly a hotbed of liberal or Keynesian thought — regularly surveys a number of the leading American economists about a variety of policy issues. The economists surveyed constitute a good sample of the leading economists in the nation, and the panel was chosen to be geographically diverse, to include older and younger economists, and importantly, to include Democrats, Republicans and independents. The most important qualification is that these are top-notch economists: senior faculty at the leading economics departments in the United States who are also vitally interested in public policy.
Recently each of these eminent economists was asked whether the unemployment rate was lower at the end of 2010 than it would have been without the stimulus bill. Of the 44 economists surveyed, 37 responded, yielding a healthy response rate of 84 percent.
Among those who responded, 36 agreed that the stimulus bill had lowered the unemployment rate, while one disagreed. That lone disagreeing economist, Harvard’s Alberto Alesina (who was one of my thesis advisers), has been a virulent opponent of the stimulus, although the research that he’s based this upon has come under sustained criticism, particularly from the International Monetary Fund, which views the study as flawed.
What might follow up polls show? If asked, would these panels endorse stimulus packages in subsequent years? The logical extensionor...
These responses are remarkably similar to those from an earlier survey taken in 2012; not a single economist has substantially changed views since that earlier survey.
Continue reading the main story
Economists Believe the Stimulus Bill Reduced Unemployment
Question: Because of the American Recovery and Reinvestment Act of 2009, the United States unemployment rate was lower at the end of 2010 than it would have been without the stimulus bill.
Response of economists surveyed
Agree
Disagree
Uncertain
36
1
0
![artboard-600px.png](/proxy.php?image=http%3A%2F%2Fint.nyt.com%2Fchartmaker%2F2014%2F07%2F29%2F1406668812043%2Fartboard-600px.png&hash=7edda7f32e196a8ac700b588a47619a3)
Source: University of Chicago Initiative on Global Markets, Economic Experts Panel, July 29
Continue reading the main story
Agreeing That Benefits of Fiscal Stimulus Exceed Costs
Question: Taking into account all of the A.R.R.A.’s economic consequences — including the economic costs of raising taxes to pay for the spending, its effects on future spending, and any other likely future effects — the benefits of the stimulus will end up exceeding its costs.
Response of economists surveyed
Agree
Disagree
Uncertain
25
2
10
![artboard-600px.png](/proxy.php?image=http%3A%2F%2Fint.nyt.com%2Fchartmaker%2F2014%2F07%2F29%2F1406669670090%2Fartboard-600px.png&hash=779088b519e92ea52d326badf29b2e32)
Source: University of Chicago Initiative on Global Markets, Economic Experts Panel, July 29.
A follow-up question posed to the same expert panel asked whether the total benefits of the stimulus bill will end up exceeding the costs. The idea was to take account of all of the consequences, both positive and negative. On this question, there’s greater modesty, but still no raging debate. Of the 37 respondents, 25 agreed that the benefits exceeded the costs, while 10 were uncertain. Only 2 disagreed that the stimulus was worth it.
These data paint a picture of a professional consensus, tempered by a degree of modesty that there’s much we don’t know. Indeed, the best research into the views of economists finds that this consensus is pervasive across a range of issues. Call it the hidden consensus in economics. It’s there, but remains largely out of sight, because in a competitive political system there’s always an incentive for at least some advocates to try to portray any empirical claim as deeply contested.
http://www.nytimes.com/2014/07/30/u...ree-the-stimulus-lifted-the-economy.html?_r=0
Did the stimulus work? A review of the nine best studies on the subject
Did the stimulus work? A review of the nine best studies on the subject
DUBYA'S TAX CUTS COST $4 TRILLION YET WE LOST 1+ MILLION PRIVATE SECTOR JOBS IN 8 YEARS (AND DUBYA'S $300 BILLION JAN 2008 STIMULUS DID WHAT AGAIN)
HOW MUCH DID EACH JOB COST BUBS?
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