Trillion dollar Stimulus Plan NOT Working

Discussion in 'Economy' started by ScreamingEagle, Jun 8, 2009.

  1. ScreamingEagle
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    ScreamingEagle Gold Member

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    In remarks he made before his cabinet meeting today, President Obama acknowledged that the U.S. economy has improved, but also noted that it's still "got a long way to go." And after the unemployment rate increased to 9.4% in May, he pledged that his economic stimulus would end up saving or creating 600,000 jobs in the next 100 days.

    More than anything else, Obama said that the most telling measure of economic progress would be if Americans are seeing progress in their own lives. "Our ultimate goal is making sure that the average family out there -- mom working, dad working -- that they are able to pay their bills, feel some job security, make their mortgage payments."

    Republicans used Obama's announcement to criticize the stimulus. “Today’s announcement is an acknowledgement that the Democrats’ trillion-dollar stimulus is not working, and the American people know it," House Minority Leader John Boehner said in a statement.

    "When they passed this spending plan, Democrats said it would immediately create jobs, yet nearly four months later unemployment has continued to climb and none of their rosy predictions have come true. These policies are harming middle-class families when they can least afford it, and adding to the massive debt we’re passing on to future generations."

    RNC Chairman Michael Steele added, "Republicans want to work with the president to get our economy back on track, but the president seems intent on promoting and adopting some of the most liberal and reckless government intervention economic policies we have ever seen.”

    Obama, GOP clash over the stimulus - First Read - msnbc.com
     
  2. STAND4LIBERTY
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    STAND4LIBERTY Independent Libertarian

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    I hope this comes as no surprise to anyone, didn't work during the depression and it's not gonna work now since you can't spend your way to prosperity, heck even Morgenthau admitted as much. It's just amazing that our politicians think they can keep repeating the mistakes of the past and expect a different outcome.

    I guess the silver lining this time around is that the vast majority of Americans were against this "stimulus plan" in the first place which may give a glimmer of hope to an incumbent blood bath come the mid-term elections.
     
  3. Lycurgus
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    Lycurgus Who is Obama, really...??

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    I hope your right. Both sides of the isle needs a good house cleaning and so does the White House.

    The Obama Revolution and Obama-nomics.

    Maybe we should just fall on our own swords and get it over with!
     
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  4. Oddball
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    Oddball BANNED Supporting Member

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    "Not working" presumes that the succubus bill was supposed to help the economy.

    I bet it's working great for all the democrat constituencies and interest groups, like ACORN, that it paid off.
     
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  5. DamnYankee
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    DamnYankee No Neg Policy

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    And? This is news? Just last week Biden told us that this money was being wasted. Tell me how waste works.
     
  6. Sinatra
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    Sinatra Senior Member

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    Once again you are on the mark.

    This stimulus bill has far less to do with growing the economy as it does have to do with growing government.

    Of the oft-repeated "Shovel ready projects" - they only accounted for about 10-15% of the entire stimulus package. And of that 15%, hardly any has yet to even begin.

    The remainder of the stimulus is being spent to prop up government at the local and state level in the form of entitlement spending - and even most of this spending will not take place until 2010.

    All of which simply shows that the American economy is slowly correcting itself in spite of the Obama administration and Democrat Congress - but this correction will be further slowed due to this insane government intervention. The recovery in fact could be quite shallow - to soon be followed by yet another deep recession with the burden of high inflation next time around...
     
  7. Midnight Marauder
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    Midnight Marauder BANNED

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  8. Oddball
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    Oddball BANNED Supporting Member

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    [​IMG]
     
    Last edited: Jun 8, 2009
  9. oreo
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    oreo Gold Member Supporting Member

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    Yep--many economists still believe that all the government spending in the 30's -- on "road--dam--& bridge projects" only lenghtened the depression.

    In the coming years we are going to see lots of bridges built to nowhere because of this new so-called economic stimulus bill that was loaded with political pay-offs, pork & earmarks.

    Times are different today--it takes on average 5 to 7 years in engineering--planning--permits before the frst shovel hits the dirt. Maybe Obamanomics didn't know that?
     
  10. oreo
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    oreo Gold Member Supporting Member

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    DITTO--possibly hyper inflation coming very soon.
     

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