Four+years and $825 billion later, the results are clear. Instead of producing an economic recovery, the stimulus produced only broken promises and massive debt. The stimulus failed—and by the president’s own standards at that.
But they’ll never admit to it. And besides it’s the Republican’s fault for “obstructing” the process anyhow. 🙂
Ironic and Prophetic, unintentionally??
In the Obama era, the unemployment rate peaked at 10.0 percent in October 2010. It did not dip below 9 percent until October 2011, when it hit 8.9 percent. From August to September 2012, it dropped from 8.1 percent to 7.8 percent—the first time during Obama’s tenure it went under 8 percent.
Since then, the lowest it has gone has been 7.5 percent—the rate it hit in April. But after April, it ticked back up to 7.6 percent in May and stayed at 7.6 percent in June.
Prior to Obama’s presidency, the longest stretch of national unemployment at 7.5 percent or higher, as reported by the BLS, was 32 months from September 1981 through April 1984. From August 1981 to September 1981, unemployment climbed from 7.4 percent to 7.6 percent. It then stayed above 7.5 percent until April 1984, when it was at 7.7 percent. In May 1984, it dropped to 7.4 percent.
On January 10, 2009, Christina Romer, who was President-elect Barack Obama’s top economic adviser, and Jared Bernstein, who was Vice President-elect Joe Biden’s top economic adviser, published a report predicting that if Obama’s proposed stimulus plan were enacted the unemployment rate would not top 8 percent.
In a February 2013 report on the impact of Obama’s stimulus law—the American Recovery and Reinvestment Act (ARRA)—the Congressional Budget Office said that it estimated the law would have the net effect of increasing federal budget deficits by $830 billion between 2009 and 2019.
CBO also estimated that the stimulus had the impact in the last quarter of 2012 of lowering “the unemployment rate by between 0.1 percentage points and 0.4 percentage points.”
A Trillion dollars for nothing. Gee, no one saw that coming… 🙂
The report showed that despite the dire warnings from federal bureaucrats, politicians and K Street lobbyists, the jobs market didn’t fall apart because Republicans forced the government to spend less than it planned.
And of course, like anything else D.C.-related, the Democrat policies have it exactly backwards.
While it’s true that job growth was robust, it came from the growth of PART-TIME jobs, which are the only kind available. On a net basis, the economy lost 326,000 fulltime jobs.
Obamacare changes the definition of full time employment to 30 hour a week from 32 hours and requires companies over a certain size to purchase health benefits for all fulltime employees. As a result, companies are doing what we all knew they would: They are cutting full time employment and replacing it with part-time help.
And ObamaCare’s mandates and fine kick in at 30 hours. True, he put it off until after the election so it doesn’t get worse than it is, but an employer looks down the road and what he sees is that the bridge over the chasm is missing…
The report, however, also provides clear evidence that the the nation is splitting into two; only 47% of Americans have a full-time job and those who don’t are finding it increasingly out of reach.
Of the 144 million Americans employed last month, only 116 million were working full-time. Friday’s report showed that 58.7% of the civilian adult population of 245 million was working last month. Only 47% of Americans, however, had a full-time job.
So now you have 53% who have a vested interest in the welfare state. Gee, the Democrats aren’t pandering to them are they?
So the Democrats have a vested interest in it NOT getting better.
Class envy. Class warfare. Hate the Rich.
20 Million illegals who will make it even worse.
Welcome to the Visigoth Sloth.
Who needs a Civil War when you can invade the rot that’s already there.