Jun 08 2009

GOP Finally Declares Liberal Economic Experiment A Failure

Published by at 7:30 am under Measuring The Recovery

Update: President Obama is scrambling and spinning as the reality of failed government stimulus experiment sets in:

Obama is ramping up his stimulus program this week even as his advisers are ramping down expectations about when the spending plan will affect a continuing rise in the nation’s unemployment.

But Obama now promises an accelerated pace of federal spending over the next few months to boost the economy and produce jobs.

“We have a long way to go on our road to recovery but we are going the right way,” Obama said in a written statement prepared for his public announcement of the additional summer stimulus activity. “Our measure of progress is the progress the American people see in their own lives. And until that progress is steady and solid, we’re going to keep moving forward. We will not grow complacent or rest. Surely and steadily, we will turn this economy around,” the statement said.

Just a bunch of lies for the gullible and naive. I have been tracking the stimulus spending across 5 departments and one agency, and there is barely any money coming through the bloated and slow federal bureaucracy (click to enlarge)

The far left columns show the amount of stimulus money budgeted for these 6 government entities – that is the stimulus money meant to create jobs. The center columns represent the amount assigned to specific projects or programs; this is where the bloated bureaucracy has finally determined where and how to spend the money. The last set of columns on the right (which are basically flat lined) is the money heading out of the bureaucracy and being spent to create jobs.

The totals and percentages for the money budgeted, obligated and dispersed as of 6/2/09 are as follows:

  • $105,335,650,000 budgeted (~1/3rd total stimulus ‘jobs’ package)
  • $19.9 billion obligated (19% of the budgeted total)
  • ~$201 million dispersed to actual work (0.2%).

As of today over 99% of the job creating stimulus money in these organizations has not been spent! This is why tax cuts are the only way to stimulate economic growth and job creation – the money is in the economy to start with, tax cuts leave it there to do its magic.

There will be no significant stimulus by the government over the summer – most of the bureaucrats will be on vacation. The liberals are so naive about the bloated bureaucracy they created it is frightening.

Update: Andy McCarthy nails the Obama administrations BS:

Goolsbee then laughably intimated that the steep jump in the jobless rate could be attributable to hopeful signs that the economy is improving. Huh?  See if you can follow this: he says flashes of hope that we are on the verge of a revival have purportedly caused previously uncounted jobless people to seek (but not find) work — that is, they waited out prosperous times, deciding to leap into the job hunt only when hundreds of thousands of heretofore gainfully employed people got pink-slipped and began competing for a declining pool of jobs. Of course, why shouldn’t Goolsbee think he can get away with these fables when the Obamedia has taken to repeating them verbatim? 

People suffering and these buffoons just make stuff up, pretending all is good.

Update: The unemployment  situation is so bad even the Obama administration is admitting the liberal economic stimulus experiment has failed:

The White House says America’s employment picture is worse than the Obama administration had anticipated just a few months ago. The somber admission follows the latest jobless report showing the highest unemployment rate the United States has seen in more than 25 years.

Economists point out that the current jobless rate is already higher than the hypothetical rate that was used to calculate the health of banks and other financial institutions in so-called “stress tests” earlier this year. And, the upward unemployment trajectory is expected to continue in coming months, even if the overall economy begins to recover. 

“Even if” the economy recovers? Are American voters going to be cheering a recovery if it does not include new job creation? Just because the DOW goes up while people are suffering that is not a ‘success’ by any measure. The liberal experiment is a failure – face it. – end update

It took a while, but the GOP is finally making it clear that the Obama/Pelosi/Reid stimulus plan via government spending is a failure:

Rep. Dave Camp (R., Mich.), the senior Republican on the House Ways and Means Committee, declared the stimulus plan a failure. House Minority Leader John Boehner (R., Ohio) proclaimed, “Washington is hanging middle-class Americans out to dry.”

“This is President Obama’s economy now,” said House Minority Whip Eric Cantor (R., Va.).

Republicans noted that a report by the Obama transition team in early January said that without a large stimulus plan, unemployment would go above 9%. It is now above that level, despite passage of the stimulus plan, though less than 5% of funds have been spent.

I have been saying this for weeks, especially the part about the lack of a stimulus on the economy. My last two posts were quite clear (here and here). I find it sort of stunning  it took the GOP this long to point out the obvious. All my posts on this can be read here – seems I was a bit premature in my conclusions. Even though I was also 100% accurate.

21 responses so far

21 Responses to “GOP Finally Declares Liberal Economic Experiment A Failure”

  1. Neo says:

    When did Bush say that the courts could even take a look at it ?

    The Obama Administration argued Monday that no court, including the Supreme Court, has the authority to hear a challenge by Indiana benefit plans to the role the U.S. Treasury played in the Chrysler rescue, including the use of “bailout” (TARP) funds.