June 20, 2013

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New chart showing the failure of the stimulus

February 16, 2012 By Carol Greenberg

Tomorrow marks the third anniversary of the signing of the stimulus.

From the Republican Study Committee, Rep. Jim Jordan (R-OH) Chair, comes this chart and commentary  which shows the stimulus has been an abject failure:

Where are the jobs

The numbers come directly from the Bureau of Labor Statistics.

Democrats said their costly plan ($1.2 trillion, including interest) would “save or create” up to 4 million jobs and bring the unemployment rate down to about 6% today. The unemployment rate has not fallen below 8% at any point in the last 36 months. Furthermore, the official unemployment rate does not actually count unemployed people who have given up looking for work.

The above chart shows the “labor force participation rate.” This statistic represents the share of working-age Americans who are either employed or unemployed but looking for work. It is not a pretty picture. Only 63.7% of working-age Americans are currently in the workforce – the lowest in almost 29 years!

To put it another way, 36.3% of working-age Americans do not have a job and are not even looking.

After 3 years of failure, it’s time to try something that will work. Let’s ramp up energy production. Let’s cut away government red tape that slows down job creation. And let’s design new tax code that is simpler, flatter, and fairer. Let’s pass the Jobs Through Growth Act, and create jobs by growing the economy – not the government.

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Filed Under Stimulus Tagged With cash for clunkers, Jobs, Jobs Through Growth Act, Rep. Jim Jordan, Republican Study Committee, Stimulus

Dems still living on “Fantasy Island” on jobs & economy

August 14, 2010 By Carol Greenberg

“[The stimulus bill] is a crucial first step in a concerted effort that we have to jumpstart the economy. It will create jobs immediately, and it will also lay the foundation for economic stability as we go forward.” –Speaker Nancy Pelosi 1/22/09

However Lady Nan,

According to the Bureau of Labor Statistics on August 6, 2010 they reported the economy lost 131,000 jobs in the month of July, and the unemployment rate was unchanged at 9.5 percent.
More jobs have been lost. On August 12, 2010, the AP reported:

“The economy is looking bleaker as new applications for jobless benefits rose last week to the highest level in almost six months…First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. That’s the highest total since February.”

Analysts had expected claims to fall. Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.”

Shrinking economy: On August 10, 2010, Federal Reserve officials met and expressed concern about the lack of growth in the economy. According to an August 11, 2010 a Wall Street Journal article:

“The Fed noted that high unemployment, modest income growth, lower housing wealth and tight credit were holding back household spending. Meanwhile, lending by banks ‘has continued to contract,’ the Fed said, while construction remains weak and employers remain reluctant to increase payrolls.”

Record Foreclosures: On August 12, 2010, the AP reported:

“The number of U.S. homes lost to foreclosure surged in July…Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009, foreclosure listing firm RealtyTrac Inc. said Thursday.”

Creating jobs, not dependents: On August 11, 2010, the Atlanta Journal-Constitution reported:

“Thirty thousand people turned out in East Point on Wednesday seeking applications for government-subsidized housing, and their confusion and frustration, combined with the summer heat, led to a chaotic mob scene that left 62 people injured.”

The federal assistance program is a Section 8 voucher program that assists tenants who cannot afford to pay rent at the fair market value. According to a local official, the demand for low cost housing has increased due to job loss.

More deficit spending: On August 11, 2010, the Obama administration announced that it would spend an additional $3 billion to help unemployment homeowners through two foreclosure-prevention programs. Also, on August 11, the Wall Street Journal reported,

“The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans:

The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.”

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Filed Under deficit, economy, Jobs Tagged With deficit, economy, Jobs, Nancy Pelosi, spending, Stimulus

Pence’s Take on White House Stimulus Jobs Numbers…. “Really?”

July 16, 2010 By Carol Greenberg

Since this is a short but to the point video, I will post it and then give you verbatim his words.

Washington, DC – U.S. Congressman Mike Pence, Chairman of the House Republican Conference delivered the following remarks on the House floor July 15, 2010:

“In the worst economy in a quarter of a century, American families are hurting, businesses are struggling in the city and on the farm. And that’s obvious to almost everyone in this country except the Obama Administration.

“Remarkably, yesterday, the White House issued a report saying that the stimulus bill that passed a year and a half ago, had ‘saved or created 2.5 to 3.6 million jobs.’ As my three teenagers might say to me in like circumstances, ‘Really?’ Two point five to 3.6 million jobs? Unemployment was 7.5 percent when the stimulus was passed, it’s 9.5 percent today.

“It’s important the American people know that the report, issued by the administration yesterday, isn’t even based on actual numbers. It comes from what economists say is a highly-inflated projection of how much economic growth is created for every government dollar that’s spent. The facts come from the Bureau of Labor Statistics. They speak for themselves.

“Since the stimulus was enacted, more than 3 million jobs have been lost in this country. A net job loss of 2.4 million jobs. Enough with the talk. The stimulus bill has failed. It’s time for new ideas. Across the board tax relief and fiscal discipline now.”

Please also see these two posts:

Obama’s fake jobs recovery chart.

GOP Rep gives Obama a Pulitzer in fiction for his jobs report.

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Filed Under Obama, Pence, Stimulus Tagged With Obama, Pence, Stimulus

Obama’s fake “Road to Recovery” jobs chart

July 5, 2010 By Carol Greenberg

Does anyone looking at the chart below believe it? Didn’t think so. It’s called manipulation of data at the least. It even has the signature Obama blue and red coloring. How cute. Where did you get this chart, Mr. Obama?  Fantasy Island?

If you are telling us that you, the Democratic Congress and the Stimulus have created 600,000 jobs, how come unemployment is hovering at 10% nationwide and 15% in Michigan? Why are all the states hollering because they are running out of unemployment funds, and Rep. Tim Ryan (D-OH) is yelping (I’ll show the video below) on Capitol Hill about why unemployment benefits haven’t been passed? Anyone wishing to see the link to the chart below it is here.

Mr. Obama, your little chart is pretty much alluding that as usual you are again playing the blame it on Bush game. And frankly, sir, we are tired of hearing that excuse.

OFA Road to Recovery-jobs-june10

Let’s face it, Mr. Obama. Most of the “jobs” you’ve created are temporary census workers, about 225,000 of them, and roadwork. If you weren’t paying up to $10,000 for ARRA signs, like the one below at Dulles Airport, maybe, just maybe, there would be some dollars for unemployment.
dulles-sign-ARRA-199x300

Rep. Darrell Issa of the House Oversight Committee is reportedly investigating why these signs cost so much. And Rep. Dave Camp of the Republican House Ways & Means Committee has his own little chart that tells us 48 out of 50 states have lost jobs. Only North Dakota, Alaska & DC have created jobs since the Stimulus. Yep, DC. Sure can believe that one. But how are you gonna explain Rep. Camp’s chart, Mr. Obama? It’s in direct contradiction to yours.

And here’s a quote from your White House website which is titled A Positive Six Months:

This morning, we received the June employment report. It reflected the planned phase out of 225,000 temporary Census jobs. But it also showed the sixth straight month of job growth in the private sector. All told, our economy has created nearly 600,000 private sector jobs this year. That’s a stark turnaround from the first six months of last year, when we lost 3.7 million jobs at the height of the recession.

And as promised, here is Ryan’s little diatribe:

For once, Mr. Obama, please don’t treat us like we are sheep who are know-nothings. We are educated on the facts and deserve that amount of respect. We know the facts.

H/t to Alden Weiss who left a comment with the link to the following morphing video of the states and unemployment growth so I’ve decided to add it:

Who do you think we are gonna believe, Mr. Obama?

Crossposted

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Filed Under Stimulus, unemployment Tagged With ARRA, Darrell Issa, Dave Camp, Jobs, Obama, Stimulus, Tim Ryan, unemployment

TARP II, Lack of Jobs, Out of Control Spending and “Flatlines”

April 27, 2010 By Carol Greenberg

We have a full day of info, so here goes.

Myths Regarding the Senate Democrats’ Permanent TARP Bill

MYTH #1 – The bill does not provide bailout authority.

  • REALITY: TARP II authorizes the FDIC to use resources to make payments to anyone in any amounts.

MYTH #2 – TARP II prevents taxpayer funded Wall Street bailouts.

  • REALITY: TARP II attempts to wipe out the shareholders and management of firms placed in receivership, but the bill provides the FDIC with significant latitude to bailout counter-parties and creditors.

MYTH #3 – The $50 billion liquidation fund cannot be used to bailout a failed firm.

  • REALITY: TARP II bill creates a $50 billion resolution fund that would get replenished from assessments on covered firms, ensuring a constant flow of funds from family and small business owners.

MYTH #4 – The bill does not perpetuate “too big to fail.”

  • REALITY: TARP II bill creates a special regulatory structure for select firms. Those select firms, supervised by the Fed, would have access to a bailout fund, a Treasury line of credit and FDIC guarantees will have an implicit guarantee of the US government.

MYTH #5 – The bill will not increase moral hazard.

  • REALITY: In a Financial Services Committee, Secretary Tim Geithner argued that large firms should be assessed the cost of liquidation after the FDIC liquidates a firm. [sic] However, access to a bailout fund (ex ante or ex post) increases moral hazard.

Here is Rep. Ed Royce discussing TARP II “Measures would subsidize financial institutions at expense of taxpayers.”

Rep. Mike Pence (R-IN) states President’s Fiscal Commission “Not A Serious Effort to Stop Out of Control Spending”

Our country is facing a fiscal crisis, but the president’s fiscal commission is not a serious effort to stop out of control spending. The president needs to tell this commission that new taxes are not an option, and he needs to take all new tax proposals off the table, including any form of a European-style Value Added Tax.

If the president is serious about reining in government spending, he will take out his veto pen and tell Congress to stop sending him bloated, big-government legislation that’s filled with wasteful spending.

The American people want fiscal discipline and bold new ideas. That’s why Congressmen Jeb Hensarling, John Campbell, and I introduced the Spending Limit Amendment to the Constitution of the United States. Our Spending Limit Amendment will limit government spending to one-fifth of the economy.

The American people don’t want to wait for another commission to tell us how bleak the problem is, and then hope that Congress will finally make tough choices. We need to cut spending now, and adopt a Spending Limit Amendment to rein in government spending for generations to come.

Here is a video of Pence and Hensarling discussing their proposed amendment on Washington Journal:

Even the Dems know the Stimulus isn’t working. Contrary to what Mr. Obama has said, according to The Committee on Ways and Means Republicans 48 out of 50 states have lost jobs since the Stimulus was passed. Only Alaska and the District of Columbia have had an increase in jobs. Obama’s home state of Illinois has lost 187,900 jobs, despite his claims that 148,000 jobs were created.

Remember the CEOs who Waxman was going to haul into Congress for an inquiry and then cancelled?  An Inquiry Says Health Care Charges Were Proper.

Representative Joe L. Barton of Texas, the senior Republican on the House Energy and Commerce Committee, said, “From a financial standpoint, from a purely economic standpoint, many companies would be better off discontinuing health care as a fringe benefit, paying the penalty and pocketing the savings.”

And finally, we know from the CMS study put out last week:

  • Medicare Changes Threaten Access to Care for Seniors.
  • Medicaid Changes Threaten Access to Care for Low-Income Americans.

Please see my detailed post on the above and make sure you watch the video of HHS Secretary Sebelius and her cluelessness.

And finally, Obama and the Dems must be getting really, really nervous. Obama released this video on April 23, already “readying his troops” to get out the vote in November:

Enough said. We’re gonna take out the trash in DC in November. And we’re gonna need a lot of dump trucks.

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Filed Under healthcare, Jobs, Tarp II Tagged With Barton, CMS, Flatlines, Hensarling, Obama, Pence, Sebelius, Spending Limit Amendment, Stimulus, Tarp II, Waxman