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06-09-2009, 10:05 AM #1
$44 Billion and all I got is this T Shirt ...
Mounting debt, rising interest rates and unemployment gaining steam. Sounds like Jimmy Carter's second term to me except instead of private civilians saving GM and Chrysler, the government will own them instead.
The economy has shed 1.6 million jobs since the stimulus measure was signed in February, far overshadowing White House announcements estimating the effort has saved 150,000 jobs. Public opinion of Obama's handling of the economy has declined along with the jobs data.
For the first time, the administration admitted the economic forecasts it used to sell the stimulus were overly optimistic.
"At the time, our forecast seemed reasonable," Vice President Joe Biden's top economic adviser, Jared Bernstein, said Monday, explaining that the White House underestimated the scope of the recession. "Now, looking back, it was clearly too optimistic."
By now, according to earlier White House economic models, the nation's unemployment rate should be on the decline. The forecasts used to drum up support for the plan projected today's unemployment would be about 8 percent. Instead, it sits at 9.4 percent, the highest in more than 25 years.
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06-09-2009, 10:09 AM #2
Shouldn't this be posted in the P&R forum!?!?!
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06-09-2009, 10:12 AM #3
Moved to P&R...c'mon Mike, you know better.
By now, according to earlier White House economic models, the nation's unemployment rate should be on the decline. The forecasts used to drum up support for the plan projected today's unemployment would be about 8 percent. Instead, it sits at 9.4 percent, the highest in more than 25 years.
The government always fails to take into account one major thing when making these predictions: how businesses will receive it. Just because you pump money into the economy and try to create some unnecessary jobs for the sake of creating jobs doesn't mean corporations will automatically start hiring people again. You're doing all this "stimulating" on one hand, while telling corporations their cost of business is going to go up dramatically on the other (taxes, regulation, union-friendly admin, etc)...why would they start hiring again in this economy when they know they're going to be paying more to do business real soon?
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