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Council of Economic Advisers chairwoman Christina Romer is best known for drafting the February 2009 report “The Job Impact of the American Recovery and Reinvestment Plan,” which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included). Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That’s not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.
Predictably, the stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.
Obama is adding to the economic misery by creating an environment of regulatory uncertainty. The Wall Street reform law Obama recently signed potentially requires 533 new regulations, 60 studies and 93 reports, according to the U.S. Chamber of Commerce. Obama’s Environmental Protection Agency has 29 active rulemakings, and there are 100 new rules on the Labor Department’s agenda and 26 at the Transportation Department.
Add Obama’s determination to raise everybody’s taxes by allowing the Bush cuts from 2001 and 2003 to expire Jan. 1, 2011, and it’s easy to why banks, businesses and consumers are hoarding trillions of dollars that could otherwise spur economic growth. And we haven’t even addressed the destructive effect on economic growth of Obama’s nationalization of major portions of the economy, including the banks, health care and the auto industry.
The economy is stalling, unemployment seems stuck at European levels of idleness, the federal deficit and the national debt are at historic highs, public confidence in Congress is at its lowest-ever level and big majorities of Mainstream Americans say Obama has the country on the wrong path. Obamanomics has failed miserably and it’s time for everybody in this town to admit it so we can move on.
But The Democrats and Liberals can’t and won’t do that. They can’t politically admit the stuff they have waited generations to cram down everyone’s throat is total crap on a stick!
“Recovery summer”? Time for another sobriquet.
So the little buggers went off on their 6 week holiday, BUT, nope they were ordered back by the likes of Speaker Pelosi
because they needed to pass a $26 Billion spending bill to give more money to public sector employees!
More money for their Peeps. The apparatchiks need more money!
On Friday, after release of the jobs report, Labor Secretary Hilda Solis touted the economy’s “turnaround” and credited “strong and immediate action” President Obama took after entering office. The only real problem, she hinted, was Republicans who refuse to support a $26 billion bailout for state and local governments and their pampered unions.
“There is no room for partisan roadblocks when Americans are depending on their government’s action and the stakes are so high,” Solis said. In this White House, economic recovery is always just one massive stimulus or bailout bill away. (IBD)
This would be the Hilda Solis who earlier this year created a PSA advising Illegal aliens to call her if their mean, capitalist boss was exploiting them so she could crack down on their boss!
And naturally, voting against it, is hurting children!
WASHINGTON — House members are giving up a couple of days reconnecting with folks in their districts this week to pass a jobs bill that Democrats say is crucial to the nation’s well-being.
The unusual in-and-out session was called because the Senate waited until last Thursday, after the House had already recessed for its summer break, to pass a $26 billion bill to prevent tens of thousands of teachers and an equal number of other state and local government workers from being laid off before the November election.
Oh no! Not that! We can’t have public sector employees (unemployment rate 3%) hurt before the election while the little people have 9.5% (officially) closer to 18% in reality (with those who have given up) are in actual need but not politically necessary enough to care about.
“This legislation is about creating and saving American jobs, and preventing a double-dip recession,” House Speaker Nancy Pelosi said in announcing the special session just hours after the Senate passed the bill that the administration says could save the jobs of nearly 300,000 teachers and other public workers.
“It’s not a gamble,” he said, but “it would be gambling our childrens’ education to have them go back to school and find no teacher in the classroom or a larger class size.”-Rep. Chris Van Hollen, D-Md.
It’s all for the children…:)
Well, you’ve heard it hear first. Everything is now perfect and we’ll all be better off and the recession is officially been sorted by saving 300,000 public sector employees!!
Democrats should be staying home and listening to their constituents “instead of scampering back to Washington to push through more special interest bailouts and job-killing tax hikes,” said House GOP leader John Boehner of Ohio.
Republicans portrayed the special session as the Democrats’ pre-election gift to their labor union allies and objected to provisions to raise taxes on some U.S.-based multinational companies as a way to partially cover the $26 billion cost of the bill.
So raising taxes on evil capitalists to “save” some jobs will save us all.
Utopia is upon us all
REJOICE!
Bask in the splendor and the wonder that is Obamanomics!
Here’s the real record: America has lost 4.1 million jobs since Obama took office and 7.7 million since the recession began in December 2007. So most of the jobs lost have been under this administration. Whatever else you might call Obamanomics, “successful” isn’t it.
You’d never know that Democrats controlled Congress for Bush’s last two years, or that policies they enacted during their many decades in power — in particular, using Fannie Mae and Freddie Mac to issue trillions of dollars of mortgages to unqualified borrowers — are the root cause of our crisis.
As with most progressives, they believe bigger government is always the solution to our problems…(IBD)
So the Democrats stategy to stave off a political bloodbath is to SPEND EVEN MORE and then Blame Bush for it!
Haven’t we seen re-run before?
Following release of Friday’s government report on unemployment and job creation, consumer and investor confidence has fallen to the lowest level of 2010. Just 21% of Adults nationwide now believe the economy is getting better. That’s down from 30% on Friday morning. The number who believe the economy is getting worse is now up to 54%.
The Rasmussen Consumer Index, which measures the economic confidence of consumers on a daily basis, slipped on Monday to 69.7. That’s down nine points since release of Friday’s disappointing jobs report and the lowest level of confidence measured since December 2, 2009. Eight percent (8%) rate the economy as good or excellent while 55% say it’s in poor shape.
Looked at on a month-by-month basis, consumer confidence increased on four of the first five months in 2010 and held steady in the fifth. However, it has fallen in the past two months, June and July.
But don’t worry, everything will be a utopia when these 300,000 government union people are kept off the unemployment line!!
Everything will be great when your taxes go up! (sorry, “pro-growth revenue”)
or was that the Health Care Mandate that wasn’t tax, it’s a penalty, that’s a tax because of the Commerce Clause.
The Border is more secure now than ever!
When Social Security is officially broke (and it is).
When Medicare Advantage is slashed and your Health Savings Account is gutted.
When Fannie Mae and Freddie Mac (left out of financial reform) are bailed out YET AGAIN!
When your bosses taxes and regulations go up!
When evil capitalist pigs are crushed under the boot of Big Brother!
When the government runs your Health Care.
When Illegal aliens are granted Amnesty (but we’ll come up with an Orwellian term for it, like “deferred action”).
Rejoice in the grandeur and splendor of Obama, Pelosi, Reid!
OR ELSE!
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