Monday, May 16, 2011

A trillion dollars spent, a million jobs lost - Two Ohio State economists found that Obama's "Recovery and Reinvestment Act" killed off a million private sector jobs but saved 450K government jobs. Powerline: "A verdict on Obama's "stimulus" plan." Heckuva job, Bammy.

Extra - The thrill is gone.


Bram said...

Wasn't that the purpose of the "stimulus"?

* Punish business - check
* Payoff unions, government workers, and special interests - check
* Hire lots of .gov workers so the stimulus spending becomes the new baseline - check

Mission accomplished.

The Stims said...

What a shrewd, shrewd month to be using the phrase "Mission Accomplished" to mock Presidential malfeasance.

Three months ago, the CBO estimated that the Recovery and Reinvestment Act was directly responsible for the employment of between 1.3 million and 3.5 million people. This represented an adjustment from their original 2010 assessment of 1.4 million to 3.6 million.

But that's Bad CBO. We only like Good CBO (the one whose calculations satisfy our preconceptions).

Eric said...

OK, let's be generous and take the 3.5 million jobs number minus a half-million government jobs. So $800 billion spent for 3 million jobs equala....a quarter million dollars per job.

Nice work if you can get it!

Anonymous said...

Yeah, not counting the Act's provisions for long-term investment, individual tax cuts, business tax cuts, extended tax credits, extended unemployment and food stamp benefits, one-time Social Security, Veterans, Disability and welfare payouts, state Medicaid subsidies, education funding including No Child Left Behind, Pell Grants and special ed, avian flu prevention, and underwriting projects such as computerized health records, expanded broadband/wireless service and renewable energy, TSA screening equipment and expanded port security, the whole stimulus is just phony-baloney $250,000 jobs for everyone!

Bram said...

Anon - Thanks for the reminder of the giant pile of shit they squeezed into that bill. I passed out halfway through your list - just like all the Dems who voted for it.

Last time we tried giant government it was called "The Great Depression" the Japanese call it their "Lost Decade". I wonder what we will call this one?

The next dip is coming very soon - business stinks, we spend more time dealing with the government than trying to grow the business, nobody is hiring professionals - just temps and part-timers, inflation and fuel-prices are starting to pop.

Nobody I know in the business world is the least bit optimistic.

Anonymous said...

Translation: "My original critique was wrong... which means I was actually right! P.S. FDR caused the Depression."

Bram said...

Hoover and other Progressive RINO's launched the Depression. He thought he was smart enough to manage the economy like a business - turned out that Coolidge was right about Hoover.

FDR just kept it going for a decade. If he hadn't died, his planned post-war New Deal 2 might have kept the Depression going on into the 50's.

Eric said...

Anon, that's funny, I thought the slogan for the stimulus was "Putting Americans back to work." I could have sworn I saw $3000 signs with shovel-bearing stickmen all around the country.

It's other stuff too? Oh, OK.

Anonymous said...

Bram: Best of luck selling the history lesson to anybody outside the core 30%. After that, you should do the one where Napoleon wins at Waterloo.

Eric: Your feigned puzzlement is charming; you're the blogosphere's Hugh Grant.

And the guy who got the job making those stickmen signs was paid $250,000.

Bram said...

Good luck with your denial. The economy is just great, things are chugging along, and anything wrong is obviously Bush's fault.

Anonymous said...

Wouldn't burst his bubble Bram.

In his world, everyone forgets that unemployment was 7.6% when Obama entered office and is 9.0% and going back up now.

Not to mention that gas was $1.86 and is now bumping $4.00.

But hey, Obama "walks the walk"

Anonymous said...

The 2002-03 recession was the Clinton bubble bursting, but the current economy is Obama's fault. You gotta ditch at least one of those premises, fellas!

Fap fap fap fap fap fap fap.

Klugy said...

[i]You gotta ditch at least one of those premises, fellas![/i]

No, they don't. They think the primary purpose of the invisible hand is to pick the invisible nose.