Obama Wants A 2nd Stimulus
Posted: Monday, January 11, 2010
by Richard Vail
Chisel & Plane
Mr. Obama is seeking another "stimulus package"...my question is who did he miss paying off the first time? A recent Associate Press report has handed down (finally) that conventional wisdom now holds that the first "Stimulus Package" has failed dismally in it's aims to reduce unemployment...well no shit sherlock!
Now Mr. Obama want's to throw more money at the problem. Even though it did nothing the first time around. It has recently been reported that, Mr. Obama strongly desires that Congress pass a further "stimulus bill." This bill will cost, in total, a further $250,000,000,000.00, and relies mostly on more infrastructure construction such as roads and bridges. These projects the president said are those that lie near "the heart of our effort" to create faster growth in employment.
The House of Representatives very quietly passed the bill 217-212 last month after House Speaker Nancy Pelosi, D-Calif., metaphorically twisted arms on the House floor for over an hour; the Senate should consider it later this month, after they finish work on taking control of health care, which makes up one sixth of the Gross Domestic Product.
AP's analysis, which was reviewed by independent economists at five different universities, showed that this strategy, used in the now acknowledge as failed $800,000,000,000.00 original "stimulus package." It hasn't as yet, affected unemployment rates so far. Additionally, And there is major concern among economists that it it won't work the second time around either.
For its review, the economists were asked to examine both the immediate and long term the effects of road and bridge spending in communities on local unemployment. They were not asked to attempt to measure results of the broader aid that also was in the gargantuan original stimulus such as tax cuts, unemployment benefits or direct grants for states.
What I'd like to know is this "stimulus package" meant to keep unemployment under 15%? If so, the U6 measure hit 17.3% last month. That the broader measure that includes those who have given up actually looking for a job, which "normal" government counts don't include. Therefore, what is the aim of this. It's already been shown that this sort of spending won't impact the economy at all. If $800 billion dollars won't do it...what will $150 billion do? Yet more money our great grand children to pay back. I hope they still love us when the bills come due.
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More commentsDo you ever feel like Don Quixote, tilting at windmills? I just get discouraged sometimes- batting around in the air- never seeming to hit a fly.Of couse I do! But, stubborn jack a$$ that I am...I just keep plodding along...every time I write something like this, I send copies to all of my legislators! County, state and fed! Every one! Gadfly, that's me.
Thanks again for a great article Richard. November can't come too soon.No, the real question is to see what happens next week in Massachusetts. If Brown wins...November is going to be a huge tidal wave against the Democrats in November. If Brown wins in Blue/BLue MA...then I can forsee the Dems losing 100 seats in the House and 13-16 in the Senate.It sounds like they are neck and neck in MA. I sure hope you are right.
Thanks for that Rich. I just wonder if you are not putting too much on one man what about the rest of the country? He is doomed either way, Americans have got to dig in themselves.Well, Mr. Obama set himself up as the "annointed one" during the election campaign and made way too many promises. So, I guess his chickens are coming home to roost now.
Good article governments and politics are just a mist of illusionthanks, great turn of phrase. I'll have to remember it.
This is very informative. Thanks for sharing.Thank you...I appreciate it.
I agree completely, Richard. All we can do is hope that our country survives until November when we can finally "Throw the Criminals Out!"thanks for coming by and taking the time to read it. Welcome to searchwarp.
Stimulus packages are a like a hungry man eating himself. Just makes things worse.Indeed they do...but that's the allure of Keynesian economics...it leaves the government wanting more and more.
Thank you for sharing this information. Good article.thanks for taking the time to read and comment. If you'd like to read/see more, take a look at my website. It's called thevailspot, just google that and you'll find it right off.
I can see you are adament about what you're writing. However, you weren't redundant with your comments nor did you sound like you were preaching fire and brimstone although the tone was strong, it wasn't overbearing. Before reading ths article I didn't have a position about this one way or the other. My expectation was that it would cause me to rethink my opinion. Surprisingly, I'm still neutral. But you did give me food for thought.
Well put! And, yes, the use of zeros makes the numbers even more horrible. I'm concerned, seriously. I'm writing this after the election in Mass. Thank goodness it went the way it did. Maybe folks will do some waking up and vote with some serious thought and research the next time.Write you Congressman/woman (I'm not politically correct, I WONT USE "PERSON"), seriously, write a letter, not an email. They "weight" each form of communication, an office visit is the highest, that's worth 100 letters, snail mail is worth 200 phone calls, and an email is worth the least, take 500-1000 to make an impact.hit my blog for more info.
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