Doubling Down On Failure – New Report from the AP
Last year, Barack Obama demanded Congress pass his massive $800 billion stimulus bill. In spite of warnings from leading economists and conservatives that more government spending was not the solution, Obama and congressional liberals promised the taxpayers that if we passed the stimulus bill, unemployment would not exceed 8%. Nearly one year later and hundreds of billions of dollars later, unemployment is now 10%.
So, what are the politicians doing now? Doubling down on failure. The spending is clearly not working, but last month the House passed yet another big government stimulus spending bill and the Senate is supposed to pass it this month. But a new analysis by theAssociated Press may slam the brakes on their plans.
According to the AP report, which was reviewed by economists at five major universities, the stimulus spending on all those “shovel ready” infrastructure projects “has had no effect on local unemployment.” Emory University economist Thomas Smith, a stimulus supporter last year, said, “As a policy tool for creating jobs, this doesn’t seem to have much bite.”
Unfortunately, there are no refunds in politics. But, I suspect many big-spending politicians will feel the voters’ bite for all their broken promises about imaginary “saved and created” stimulus jobs!
Related posts: