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[P]ressure is growing to do more to reverse job losses. In January, during the Obama transition, Council of Economic Advisers Chairman-designee Christina Romer and Obama economic adviser Jared Bernstein predicted in a report that with an $800 billion stimulus, the unemployment rate would be just about 7% by this time. Without the stimulus, the rate would be at 9%.Read the whole thing. And you can read more on the economic meltdown at NTCNews.
Instead, the jobless rate is now at 9.5%, despite the $787 billion stimulus passed earlier this year.
This is classic: Now that their wrong-headed economic theories have made a bad situation much worse, the Obamanauts naturally think the problem is that they haven't done enough.
It Won't Work. The Fundamentals Suck. Weimar America.
I love this latest excuse for Barry's epic fail from his minions: "White House aides note that the January report came well before the depth of the economic crisis came into focus."
ReplyDeleteSo let me get this straight ... the economic crisis was already deep enough for W to "sacrfice free market principles to save the free market system," the DJIA had shed about half its value, Lehman Brothers was in Chapter 11, GM and Chrysler were teetering on the edge, and we had to ram through the porkulus Right Now Or The World Will End!!11!!1, but the Smartest Administration Evah(tm) didn't realize how serious the problem was?
Give me a ^$#@ break!
The point is the pain... A robust, growing economy isn't fertile ground for an increasing number of dependents, and thus power.
ReplyDeleteIt's a race to hook as many dependents on their drug as possible - just enough to create or sustain a permanent electoral majority - before the system regurgitates them from office. Thus, tank the economy - but just so - and the O-Botomies will flourish. Of course they want to head in the wrong direction... but not too fast.
This is very dangerous stuff from Geitner & Company. The sooner Republicans and independents stop them and push-back the better.
Don't look now...but not only do President Obama's experts not understand that it doesn't work, now they are preparing to double-down on their bet.
ReplyDeleteAn editorial from Krugman, IMO, is step one in starting the process of pursing a second round. Maybe this time they can call it what it really will be..."Stimulus 2: Economic Suicide"
Interesting exchange with Taleb on CNBC posted at Breitbart TV.
ReplyDeleteThe idiots are in command and steering the ship right for the ice field. We all know what's going to happen but we can't stop it, so it's every man for himself. Hunker down and wait for the collision, it's going to be a lulu.
ReplyDelete