Sign in to follow this  
Followers 0
RJ

The Stimulus Turns Three - How's Obama Doing?

Rate this topic

9 posts in this topic

Investor's Business Daily

 

Obama's Score Card. See how his predictions turned out

 

The Stimulus turns three.

 

Without any fanfare whatsoever from the White House, February 17 marks the three-year anniversary of the day President Obama signed the much ballyhooed stimulus into law.

 

At the time, Obama claimed that it would "create or save" up to 3.5 million jobs, and that "a new wave of innovation, activity and construction will be unleashed across America." The stimulus, would, he promised""ignite spending by businesses and consumers" and bring "real and lasting change for generations to come."

 

So three years later, how do the stimulus results stack up? Here's where various indicators stood in or around February 2009, and where they stand today.

 

Unemployment rate: The jobless rate is unchanged from February 2009 to January 2012, the latest month for which we have data. Both stood at 8.3%, according to the Bureau of Labor Statistics. Obama's economists had initially predicted that with the stimulus, unemployment would stay below 8%.

 

Number of long-term unemployed: The number of workers who have been unable to find a job in 27 months or more has shot up 83%, with their ranks now at 5.5 million.

 

Civilian labor force: It has shrunk by 126,000. In past recoveries, the labor force climbed an average of more than 3 million over comparable time periods.

 

Labor force participation: The share of adults in the labor force — either looking or working — has dropped 3% — also highly unusual in a recovery. At 63.7%, labor force participation is at a low not seen since the middle of the very deep 1981-82 recession, when fewer women were in the work force. A lower participation rate makes the unemployment rate look better.

 

Household income: Median annual household income is about 7% below where it was in February 2009, according to the Sentier Research Household Income Index.

 

National debt: Up $4.5 trillion, or 41%, according to the Treasury Department's monthly reports. The latest Treasury figures put the national debt at $15.4 trillion, larger than the entire U.S. economy.

 

Deficits: The deficit for fiscal year 2009 totaled $1.4 trillion. The Obama administration's proposed deficit for 2012 is $1.3 trillion, which would mark the fourth year of deficits topping $1 trillion.

 

Gross Domestic Product: Real GDP has climbed just 6% between Q1 2009 and Q4 2011, according to the Bureau of Economic Analysis.

 

Spending by consumers and businesses: Personal consumption has managed to climb 10% in the past three years, according to the BEA, but companies continue to hoard cash, with cash on hand up 27% since Q1 2009, according to the Federal Reserve Bank.

 

Stimulus price tag: The original estimate for the cost of the stimulus was $787 billion. Now the Congressional Budget Office says that, when all is said and done, it will have cost$825 billion .

 

Perhaps the best measure of the success or failure of the stimulus, however, is the fact that President Obama in his latest budget plan has called for still another round of stimulus spending, this time totaling $350 billion over the next four years, for what is labeled "short-term measures for jobs growth."

 

 

 

 

Thjree freaking years and this man hasn't produce a Jobs Plan that works.

 

Share this post


Link to post
Share on other sites

Considering that the economy shed about 3.5 million jobs in the months immediately following the passage of the stimulus bill and before the funds began to be disbursed in earnest, I'd say the author wasn't really interested in facts. A better approach would have been to compare the stats starting in June 2009. It paints a whole different picture.

 

That said, the Stimulus was executed horribly and I hold that against Obama.

Share this post


Link to post
Share on other sites

 

 

Quote:

Originally Posted by Gamakatsu View Post

 

That said, the Stimulus was executed horribly and I hold that against Obama.

 

It was executed perfectly and I hold that against the voters that elected the Obama cartel.

 

Share this post


Link to post
Share on other sites

 

 

Quote:

Originally Posted by Gamakatsu View Post

 

It's easy to blame other voters when you vote for candidates who don't have a snowball's chance in Hell of winning.

 

The stimulus money was a sop to unions and state democrat party officials. 

 

The coverup has begun.  And the faithful are all too willing to join in.

 

 

 

"It was worse than we thought."

 

"Your opinion doesn't count"

 

My personal favorite:

 

"Turns out those shovel ready jobs weren't so shovel ready."

 

"Solyndra (Spectrawatt, Evergreen Solar, ECD, Uni-Solar, Solar Integrated Technology, Solar Millenium) was China's fault, not our fault"

 

"GM made its biggest profit ever, (even though they owe three times what they made to the taxpayer)"

 

 

 

And the best of  every one.  A term that will live in infamy:  "Saved or created"

 

Share this post


Link to post
Share on other sites
Considering that the economy shed about 3.5 million jobs in the months immediately following the passage of the stimulus bill and before the funds began to be disbursed in earnest, I'd say the author wasn't really interested in facts. A better approach would have been to compare the stats starting in June 2009. It paints a whole different picture.

That said, the Stimulus was executed horribly and I hold that against Obama.

 

And Bush before him.

 

 

 

The bottom line is none of this money, in it's various forms, should heve been spent at all.

Share this post


Link to post
Share on other sites
Considering that the economy shed about 3.5 million jobs in the months immediately following the passage of the stimulus bill and before the funds began to be disbursed in earnest, I'd say the author wasn't really interested in facts. A better approach would have been to compare the stats starting in June 2009. It paints a whole different picture.

That said, the Stimulus was executed horribly and I hold that against Obama.

 

 

 

The stimulus money was a sop to unions and state democrat party officials. 

The coverup has begun.  And the faithful are all too willing to join in.

 

"It was worse than we thought."

"Your opinion doesn't count"

My personal favorite:

"Turns out those shovel ready jobs weren't so shovel ready."

"Solyndra (Spectrawatt, Evergreen Solar, ECD, Uni-Solar, Solar Integrated Technology, Solar Millenium) was China's fault, not our fault"

"GM made its biggest profit ever, (even though they owe three times what they made to the taxpayer)"

 

And the best of  every one.  A term that will live in infamy:  "Saved or created"

 

Toyota and Honda will be back, they had to contend with a pesky thing called a tsunami which made them less competative and allowed GM to profit.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to register here in order to participate.

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0

  • Recently Browsing   0 members

    No registered users viewing this page.