Obama Pushes Stimulus to keep us from 8.8% employment now this...

[KMAN]

Can someone explain this to me?

In pushing to get his $787 billion stimulus package passed in Congress, President Obama's economic team said that without the federal spending jolt, the unemployment rate would hit 8.8 percent by the last fiscal quarter of 2010. With the package, his advisers argued, the unemployment rate would reach only 7 percent.

Republicans Blast Obama Administration as Jobless Rate Hits 9.4 Percent - Political News - FOXNews.com


Now, can you explain this?

Obama Says U.S. Jobless Rate to Reach 10% This Year (Update1) - Bloomberg.com

President Barack Obama said the U.S. unemployment rate will reach 10 percent this year, even as the economy begins to emerge from the recession.

 

[Oddball]

Don't try to make sense of it, or your head will 'splode.

He's too utterly ignorant to know what the hell he's talking about and just parroting what Beavis Bernanke and Butthead Geithner tell him.

 

[KMAN]

I think it sucks that Obama stole money from us to pay for all of the pork and this pretend stimulus when he is acknowledging now that it didn't work.... The guy is a complete idiot.

 

[auditor0007]

The worst thing about the stimulus package is the simple fact that much of the spending hasn't even taken hold yet. They should have called it the delayed stimulus. They may as well have done nothing compared to throwing this money away. If they had wanted a direct stimulus that really would have done something, all they had to do was give a $5000 tax credit toward the purchase of a new car. It would've cost taxpayers between $100 and $200 billion and the effect would have been immediate. On top of that, it likely would have nullified any reason or need to bail out the auto companies.

 

[KMAN]

Just more proof that the the purpose of the stimulus was not to boost the economy but to get the people to pay for pork projects that they knew we wouldn't support if it were in any other bill... Now that's what I call transparency...LOL

 

[KittenKoder]

Basically Obama was trying the "gotta spend money to make money" policy, but that only works when there is a product to sell after you are done spending the money ...

 

[Zoom-boing]

All they did is guess in order to get the stim package passed, but they put that guess out as if it were fact.

Auditor, you're suggestion is sound, conservative in spending, makes sense, would work, would have kept the government out of the car biz and is logical. No wonder congress and Barry would never go for it.

 

[DiamondDave]

Barry and congress would not go for it because it does not add power to the government... they way they did it ensured control over those they 'lent' or 'gave' the money to...

 

[Devin]

The stimulus was a knee-jerk reaction because no one knew what to do.
They still do not, ultimately. However the economy has to improve at some point, and that is when the whole group takes credit, saying look what we did for you. The stimulus spends increasing amounts of money as time goes on (years pass), so if the economy self-corrects, they take the bows.

 

[WillowTree]

The stimulus was a knee-jerk reaction because no one knew what to do.
They still do not, ultimately. However the economy has to improve at some point, and that is when the whole group takes credit, saying look what we did for you. The stimulus spends increasing amounts of money as time goes on (years pass), so if the economy self-corrects, they take the bows.

how do you figure that? when he will have quadrupled the national debt and we won't (try as hard as we might) even be able to make the interest payments.. so how do you figure the economy will imporove??? does anybody in the back of their minds remember what the muslims said about destroying the US economy?? welldoyahuh?

 

[Navy1960]

Reporting from Washington -- A report due to be released today by a Republican senator contends the Obama administration's stimulus program is fraught with waste and incompetence -- evidenced by a turtle crossing in northern Florida that will cost more than $3 million and a snafu in which thousands of Social Security checks went out to people who had died.
Stimulus program fraught with waste, report says - Los Angeles Times

and people wonder why the Stimulus isn't working?

 

[Xenophon]

The entire thing was a waste from day one.

 

[Navy1960]

One town in North Carolina is using stimulus funds to hire an administrator whose job will be to procure more stimulus funds, according to the report.

That one right there pretty much say's it all. you created a job by hiring someone with simulus money whos job it is to get more Stimulus money! *shakes my head*

 

[Zoom-boing]

One town in North Carolina is using stimulus funds to hire an administrator whose job will be to procure more stimulus funds, according to the report.

That one right there pretty much say's it all. you created a job by hiring someone with simulus money whos job it is to get more Stimulus money! *shakes my head*

Government, redefining stupid daily. Makes ya just

 

[Devin]

The stimulus was a knee-jerk reaction because no one knew what to do.
They still do not, ultimately. However the economy has to improve at some point, and that is when the whole group takes credit, saying look what we did for you. The stimulus spends increasing amounts of money as time goes on (years pass), so if the economy self-corrects, they take the bows.

how do you figure that? when he will have quadrupled the national debt and we won't (try as hard as we might) even be able to make the interest payments.. so how do you figure the economy will imporove??? does anybody in the back of their minds remember what the muslims said about destroying the US economy?? welldoyahuh?

Whoa, Nellie - I don't disagree with you. Sure, the radical Islamists babble about all sorts
of stuff but this disaster we brought down on ourselves by not having adequate, updated
financial regulations. The regs in place at the time of the meltdown were as old as the
last Depression of 1929. No one back then ever heard of 'derivitives' or splitting up
mortgages into tiny bits then selling pieces/parts to many investors so it would be
impossible to find out who really owns the loan. That's the problem here. Or the
beginning of the problem. The house of cards collapsed under the "oh my God it could
never happen to our system" scenario.

There is much work to be done now and Obama may be seeing the light as he mentioned
it yesterday. He knows that the Regs need to be totally overhauled and updated.
New ways are needed to keep financials in tow and to better oversee their ops.
Banks and investment houses were/are totally corrupt. Dozens of CEOs are still under
investigation but I have yet to see any one of them going to prison or being convicted,
minus Madoff. The US banks were all complicit. Their fees and consumer regs were
totally spaghetti to try and follow, i.e., to determine how you were bent over a log
everytime you turned around. Did you ever read all the small print on your agreements?
Did you know that banks could at any time with no notice change your interest rates
and pay periods --- to MAKE YOU late on payments and drive up your fees, their profits?
Do you know that NOW, after all of this financial BS, credit card companies and banks are
PENALIZING their best customers who were never late or who never defaulted because
they couldn't make any money off off 'good customers'? Better read up son, because
the shakedown of your wallet continues until new consumer regs are enacted to
help protect.....YOU. And me. The Consumer. if not, the whole economy will continue
to be run by a bunch of snakes who are only out for greedy profits and screw you.
So what changes?