Last week the Obama administration issued a report purporting to show that the President’s $787 billion economic stimulus plan had saved or created exactly 640,329 jobs. Such a precise number for such a fuzzy concept as jobs “saved or created” immediately raised doubts about the veracity of the report in any honest American’s mind.
And since that report was issued, a once compliant press has filed story after story tearing the credibility of the Obama administration’s job creation claims to shreds. Just enter the words “stimulus”, “jobs”, and “report” in a Google News search and these are just some of the headlines you will receive:
Stimulus Job Report Filled With Errors
Stimulus Watch: Salary raises counted as saved jobs
White House Tally Appears to Overstate Stimulus Jobs
Reports Show Conflicting Number of Jobs Attributed to Stimulus Money
Stimulus Watchdog: job counters confused, need guidance
Why stimulus jobs aren’t here to stay
Many California jobs ’saved’ by stimulus funds weren’t in jeopardy
Luckily the American people do not need to count on phony new jobs studies to provide the objective data necessary to hold President Barack Obama accountable for his economic policies. The Bureau of Labor and Statistics has been collecting accepted and standardized data employment data since the 1940s. When President Obama was selling his $787 billion stimulus to the American people he promised unemployment would never rise above 7.8% and that by 2010 the U.S. economy would employ 138.6 million jobs.
Today, BLS released its monthly jobs report and the numbers speak for themselves. The economy shed another 190,000 jobs in October, bringing the number of jobs lost since Obama was sworn in to 3.8 million. Worse still, the unemployment rate rose from 9.8% to 10.2% percent. With only 130.8 million jobs in the U.S. economy, President Obama is now 7.8 million jobs short of what he promised the American people. That makes President Obama’s stimulus an objective failure.
The Obama stimulus failed because it was based on faulty Keynesian beliefs. Heritage fellow J.D. Foster explains:
The Keynesian stimulus theory fails for the simple reason that it is only half a theory. It correctly describes how deficit spending can raise the level of demand in part of the economy, and ignores how government borrowing to finance deficit spending automatically reduces demand elsewhere.
Fortunately, the economy’s natural recuperative powers may be ending the recession. Last week the Commerce Department reported that the economy grew at 3.5%. But if this recovery is going to include job growth along with GDP growth, then job killing initiatives like Obamacare and cap and trade will have to be abandoned.
http://blog.heritage.org/2009/11/06/morning-bell-10-unemployment-shows-objective-failure-of-obama-stimulus/
Originally posted by utherpendragonOne thing's for sure, it's a lot less of a failure than the disastrous, unregulated, free market policies which preceded it.
The debate is: Despite these figures,can anyone still say "the stmulas"is stimulating anything? and is it or is it not a failure?
Just imagine the state of the economy if there had been no stimulus programs.
The question is not whether or not the stimulus package is stimulating the economy. Any retard will know that it does, at least on the short term. The question is, how much exactly (we can all agree that giving a number precise to the last digit is impossible)? Is it worth getting into debt for it? What are the long term effects, also taking into account the added debt? I can't tell you the answers.
Originally posted by KazetNagorraWhen President Obama was selling his $787 billion stimulus to the American people he promised unemployment would never rise above 7.8% and that by 2010 the U.S. economy would employ 138.6 million jobs.
The question is not whether or not the stimulus package is stimulating the economy. Any retard will know that it does, at least on the short term. The question is, how much exactly (we can all agree that giving a number precise to the last digit is impossible)? Is it worth getting into debt for it? What are the long term effects, also taking into account the added debt? I can't tell you the answers.
Today, BLS released its monthly jobs report and the numbers speak for themselves. The economy shed another 190,000 jobs in October, bringing the number of jobs lost since Obama was sworn in to 3.8 million. Worse still, the unemployment rate rose from 9.8% to 10.2% percent. With only 130.8 million jobs in the U.S. economy, President Obama is now 7.8 million jobs short of what he promised the American people. That makes President Obama’s stimulus an objective failure.
Originally posted by utherpendragonObama must be the first politician to make promises he knows he cannot keep!
When President Obama was selling his $787 billion stimulus to the American people he promised unemployment would never rise above 7.8% and that by 2010 the U.S. economy would employ 138.6 million jobs.
Today, BLS released its monthly jobs report and the numbers speak for themselves. The economy shed another 190,000 jobs in October, bringing the numb ...[text shortened]... hat he promised the American people. That makes President Obama’s stimulus an objective failure.
Come on, you know that any politician who is not a liar is a terrible politician.
Originally posted by utherpendragonQuestion: Has the Government Spending Multiplier been greater than 1 for the Obama stimulus package?
The debate is: Despite these figures,can anyone still say "the stmulas"is stimulating anything? and is it or is it not a failure?
Ans: Maybe.
Question: Is it scientifically possible to measure the effect of the stimulus on GDP growth?
Ans: Yes, with enough data and some good econometrics. However it is a difficult problem.
Question: Can Obama really count how many jobs were saved by the stimulus?
Ans: No. That's politics.
Lest I be accused of partisanship let me say that I would give a similar response for the 2001 Bush tax cuts. A tax cut multiplier is also generally difficult to measure too. Of course, that doesn't stop Bush from boasting it's success.
Originally posted by utherpendragonTo bad Joe Wilson was not around when he said these things. đŸ˜›
[b]When President Obama was selling his $787 billion stimulus to the American people he promised unemployment would never rise above 7.8% and that by 2010 the U.S. economy would employ 138.6 million jobs.
Originally posted by telerionAnd the difference between Obama and "W" is...?
Lest I be accused of partisanship let me say that I would give a similar response for the 2001 Bush tax cuts. A tax cut multiplier is also generally difficult to measure too. Of course, that doesn't stop Bush from boasting it's success.[/b]
Originally posted by utherpendragonso Obama instead should have said the following?
[b]Last week the Obama administration issued a report purporting to show that the President’s $787 billion economic stimulus plan had saved or created exactly 640,329 jobs. Such a precise number for such a fuzzy concept as jobs “saved or created” immediately raised doubts about the veracity of the report in any honest American’s mind.
And since t ...[text shortened]... .heritage.org/2009/11/06/morning-bell-10-unemployment-shows-objective-failure-of-obama-stimulus/[/b]
"The economy is bad. It's going to get a lot worse. It could eventually become as bad as the Great Depression. Unemployment will continue to rise steadily for the rest of the year and beyond. And there's nothing we really can do about it. So things will just get worse and worse. So all you consumers out there, don't spend any money unless it's an absolute emergency. And all you businesses out there, don't make any new investments because with the economy being so bad, you'll just go bankrupt. And all you state and local governments better'd cut back a lot as well because it's going to be hard to balance your budgets when your tax revenues are plummetting. Everyone hold on to every last penny - and don't look down, because we got a LONG way to go before we hit rock bottom."
This might have been more honest than promising only 8% unemployment and a rapid recovery. - But being honest would mean that everyone would stop spending money, and businesses and governments would all stop investing, and the economy would pretty much stop. I'm not sure how this would have moved us towards a recovery.
Originally posted by Melanerpeshey, that gloom-and-doom stuff was PRE-election. now we're suppose to cheer up and spend money. get with the program, dammit!
so Obama instead should have said the following?
"The economy is bad. It's going to get a lot worse. It could eventually become as bad as the Great Depression. Unemployment will continue to rise steadily for the rest of the year and beyond. And there's nothing we really can do about it. So things will just get worse and worse. So all you consumers out ...[text shortened]... ould pretty much stop. I'm not sure how this would have moved us towards a recovery.
Originally posted by zeeblebotwhat's your position on this?
hey, that gloom-and-doom stuff was PRE-election. now we're suppose to cheer up and spend money. get with the program, dammit!
If you were the one elected president in 2008, would you have preached an upbeat message, or would you have gone with gloom & doom?
Originally posted by MelanerpesHow about....cut taxes and stop spending!?
so Obama instead should have said the following?
"The economy is bad. It's going to get a lot worse. It could eventually become as bad as the Great Depression. Unemployment will continue to rise steadily for the rest of the year and beyond. And there's nothing we really can do about it. So things will just get worse and worse. So all you consumers out ...[text shortened]... ould pretty much stop. I'm not sure how this would have moved us towards a recovery.
Originally posted by utherpendragonwell - whatever your specific policy -- do you believe it would be best for the president to have been totally honest in assessing the economy (gloom & doom)? - if that meant that consumers and businesses would have cut back even more on their spending and investment?
How about....cut taxes and stop spending!?