Posts Tagged ‘economic policies’

Obama Stimulus Is Reason Why Our Unemployment So Much Higher Than Others

May 3, 2010

The Obama stimulus was one of the greatest political disasters in American history.  It’s not enough to say it did nothing; it did WORSE than nothing.  And it is going to be like an anvil weighing down our economy for years and years to come as we struggle to pay back what will ultimately be $3.27 TRILLION.

Updated April 28, 2010
Why Our Unemployment Rate Is So Much Higher Than Others
By John Lott
FOXNews.com

Compared to Canada, the United Kingdom, Germany, Japan, and Brazil, Americans have real reasons to be dissatisfied with President Obama’s policies.

As President Obama travels today to Illinois, Iowa, and Missouri, he will try to convince voters that his economic policies are creating jobs. But a year after Obama claimed that the stimulus had started creating jobs, it is not just the general public that believes that the stimulus was a waste of money, so do the experts. This week a new survey from the National Association for Business Economics found that 73 percent of business economists believe that the stimulus “has had no impact on employment.”

Many will point out that the unemployment rate has soared well above what the Obama administration predicted would occur if the stimulus were enacted. On Feb. 28, 2009, Eleven days after the stimulus bill signed into law, the White House predicted that the national unemployment rate would average 8.1 percent in 2009 and then decline to an average of 7.9 percent in 2010. Clearly things got much worse than the administration predicted. While the unemployment rate stood at 8.1 percent in February, 2009, by the end of last year it had risen to 10 percent. It still remains very high at 9.7 percent.

As President Obama and other Democrats have correctly pointed out many times, this has been a worldwide recession. Why not compare the changes in unemployment rates in other countries to the unemployment rate in the U.S. Figure 1 shows (click here) the percentage change in the U.S.’s unemployment rate since January 2009 when Obama became president compared to Canada, the United Kingdom, Germany, Japan, and Brazil. While several of the countries experienced similar increases during the beginning of 2009, by October of last year the United States had clearly “won” the race to have the largest percentage increase in unemployment of any of these countries.

Looking at the unemployment changes in terms of just the level of unemployment produces a similar picture (click here). The U.S. and many of these other countries had fairly similar unemployment rates in January last year, but by March the U.S.’s unemployment rate had increased.

Take Canada, whose economy is closely tied to ours and who is our largest trading partner. The Canadian stimulus package was nowhere as extensive as ours. Their stimulus spending of $22.7 billion last year and $17.2 billion, this year, amounts to about 7.5 percent of their federal spending for their 2009 and 2010 budgets — about a third of the per-capita stimulus spending in the United States.

Has Canadian unemployment climbed higher than ours because of their relative inaction? Hardly. Figure 3 shows (click here) the percentage change in unemployment rates in the U.S. and Canada since January 2009 when Barack Obama became president. While the percent increase in unemployment was the same for the first couple of months, Canada’s unemployment rate had peaked by August last year and fallen since then. By contrast, the U.S. rate only really began to decline the beginning of this year.

But it is not just Canada where the unemployment rate is faring better. Other countries, too, decided against a massive stimulus plan. In March, 2009, German Chancellor Angela Merkel pointedly refused to spend more money to “stimulate” the German economy. Yet, Figure 4 (click here) shows that Germany never really saw the unemployment experienced by other countries.

Japan clearly had an initial percentage increase in unemployment that was at least as bad as what we saw in the United States, though the country started from a much lower unemployment rate to begin with. Its stimulus as a percentage of GDP was also relatively large — about half as large as ours. Yet, Japan’s unemployment rate peaked in July 2009 and began to decline after that (see Figure 5 here).

The unemployment data shows that compared to these major countries, Americans have real reasons to be dissatisfied with Obama’s policies. It is also understandable why the vast majority of economists feel that Obama’s stimulus policies have spent a lot of money but produced no benefit. These same economists now expect the U.S. job market to improve, but that improvement won’t be due in any part thanks to Obama’s policies. It will just be due to the normal end of the recession.

As Obama travels the country today telling us what he is doing for us, Americans might do well to remember not just the huge bill that he has left our children and grandchildren, but how poorly he has done compared to other countries.

John R. Lott, Jr. is a FoxNews.com contributor. He is an economist and author of “More Guns, Less Crime” (University of Chicago Press, 2010), the book’s third edition will be published in May.

According to a New York Times/CBS poll, a whopping 94% of the American people agree with Bayh. Only 6% of Americans believe Obama’s massive porkulus has created jobs a full year after going into effect.

Only SIX PERCENT of Americans believe that Obama’s porkulus has created any jobs at all.  That means more Americans believe that space aliens have anally probed them than believe in the stimulus.  It also means that 94% think Obama and his entire administration and the entire Democrat congressional leadership are completely full of crap.

And 48% of Americans polled don’t think porkulus will EVER create jobs.

And now we find out that the people were right.

We have to hold Democrats responsible for this travesty.  We have to vote them out, before they destroy the country more than they already have.

Obama Job Summit Deliberately Snubs Primary Job Creators

December 4, 2009

Do you remember Obama publicly attacking the U.S. Chamber of Commerce over it’s opposition to ObamaCare? Obama sure does.

Barack Obama is a petty, vindictive man.  And petty men do petty, vindictive things.  He is the kind of man who deceitfully and cynically claimed that he would uniquely transcend the political divide – only to be the most politically divisive figure we have ever seen in the White House.  And he is the kind of man who would cut off his nose to spite America’s face.

Case in point: the Obama job summit.

Obama gathered liberal economists (no conservatives allowed), pro-Democrat corporate CEOs, and union chiefs to tell him only what he wanted to hear.

But one business group was entirely shut out by Barack Obama, namely, the U.S. Chamber of commerce, which represents businesses that employ 115 million Americas (well more than half of the total U.S. work force).  And, according to USCoC executive vice president of government affairs Bruce Josten, “Not only were we not invited, but not a single business organization HQd in Washington DC was invited.”

Small businesses create three out of every four jobs in America.  Not that Obama gives a damn.

The National Federation of Independent Business (NFIB) – which also crossed Obama on ObamaCare – was also deliberately excluded.

Just in case anybody actually believed the White House or lamestream media propaganda that Obama’s “job summit” had anything to do with actually creating jobs.

An incredibly petty and vindictive president decided to punish the Chamber of Commerce and the National Federation of Independent Business for refusing to help him small business destroy jobs.   And in doing so, he is punishing millions of American workers.

Just imagine a job summit which is openly hostile to the actual creators of jobs.  Just imagine that job summit being depicted as being for the purpose of informing the president of all of the job-creating possibilities, when no one who disagreed with the president’s leftist views was even allowed to attend.

After agreeing with Judge Andrew Napolitano’s point that America is not going to have any meaningful job creation as long as the Obama administration continues recklessly printing, borrowing and spending trillions of dollars even as it utterly abandoning free market principles, Josten went on to say:

We need to get some certainty back in the American economy.  And right now you have a business community that doesn’t know what their tax liabilities are going to be a year from now; have no idea what their health care costs are going to be next year; have no idea what their energy costs are going to be next year; and have no idea what kind of credit is going to be available next year.  So this ‘big bang theory’ of using the crisis if you will – as the administration said some time ago – to move and overhaul entire swaths of the American economy, at this point is fueling uncertainty in the business community – and I would suggest to your listeners – in the American public.  And that’s a prescription to defer making any decisions.

And let’s not forget other abominations to business such as the union-agenda-imposing “card check” that would massively add to businesses’ costs if passed.

In other words, YOU ARE THE PROBLEM, OBAMA.

For all of Obama’s demagoguing and demonizing the Bush administration, this is Barack Obama’s economy (and any real leader would have long-since quit trying to blame his predecessor and started taking responsibility for what is happening in the country during his watch anyway).  It is HIS policies that have prevented the economy from recovering.  It is HIS policies that are killing jobs by creating paralyzing fear and uncertainty.

According to Jesus (see Luke 14:28), any wise man sits down and counts his costs before beginning a project.  But how can a business man do so in the climate of fear that Obama has created?

Statistically, this recession should have ended a while back, as the economy attained equilibrium and recovered on its own.  The average length of a recession is 11 monthsIt’s only when elitist statist bureaucrats start screwing around with all the economic levers because they think they know better than the free market system that we get long-term economic recessions and depressions.

Obama “turned fearmongering into an art form” while he force-fed his massive pork-laden stimulus onto the nation:

As he tells it, today’s economy is the worst since the Great Depression. Without his Recovery and Reinvestment Act, he says, the economy will fall back into that abyss and may never recover.

He promised us that if his stimulus passed, he would be able to keep unemployment under 8%.  Now it’s in double digits.  The rate dropped 2/10ths of a percent this month from last, primarily due to the fact that more people are simply giving up even bothering to look for jobs:

The unemployment rate also dropped because fewer people are looking for work. The size of the labor force, which includes the employed and those actively searching for jobs, fell by nearly 100,000, the third straight decline. That indicates more of the unemployed are giving up on looking for work.

The participation rate, or the percentage of the population employed or looking for work, fell to 65 percent, the lowest since the recession began.  Once laid-off people stop hunting for jobs, they are no longer counted in the unemployment rate.

The bait-and-switch and shell games being played by the mainstream media and the White House propagandists continues at Titanic-about-to-plough-into-an-iceberg pace.  Bad economic news that is not as bad as it could have been is projected as good news, while seriously bad news is buried in the 22nd paragraph of an optimistically-entitled and positively-spun article.

What we have is a numbers game in which actual unemployment could literally soar, even as the “official” unemployment rate actually decreases.

But you can bet your boots that actual unemployment will continue to go up.

Obama and his propagandists have since incessantly argued that they “underestimated” how bad the economy that “Bush left them” actually was.  That’s how they explain away their pathetic failure to do what they promised they could do if the got their porkulus.  But that argument utterly fails because Obama repeatedly compared it to the Great Depression.  In fact, Paul Volcker, the Chair of Obama’s handpicked President’s Economic Recovery Advisory Board, back on February 20th actually told us the situation “may be WORSE than the Great Depression.”

So I’ll leave it to you to figure out how the Obama administration could have argued on the one hand that the economy was the worst since, or even worse than, the Great Depression on the one hand, and then turned around on the other hand and said that they didn’t realize how bad the economy actually was.  Because if you know anything at all about the terrible conditions of the Great Depression, you know that our present economic situation has never been even close to being as bad as the Great Depression.

But don’t worry.  If you feel left out because you haven’t been able to experience the Great Depression, Obama’s policies are making sure you’ll be able to enjoy a Great Depression of your own soon.

Now we know this was just liberals using a “crisis” as an “opportunity.” As Obama’s Chief of Staff put it:

EMANUEL: You never want a serious crisis to go to waste. What I mean by that is it’s an opportunity to do things that you think you could not do before. This is an opportunity.

The point is that this unemployment “crisis” is just another “opportunity” for Barry Obama to “fundamentally transform America” and pay off his pro-liberal corporate and union special interests doing it.

Obama’s decision to deliberately snub the U.S. Chamber of Commerce and the National Federation of Independent Business in a “job summit” was either pathologically petty, idiotically incompetent, or both.  And the American people are going to suffer as a result.

If anybody should have been snubbed from attending the jobs summit, Barry Hussein, it was YOU.

As for the three-quarters of American workers who get their jobs from small businesses, well, screw you people.  That’s the “change” you get.

Fake Job Creation: What’s Good For The Goose Is Good For the Obama

October 16, 2009

When Obama forced and rushed his stimulus through Congress by fearmongering down the economy and predicting catastrophe if his $3.27 stimulus porker wasn’t passed, he offered a carrot: pass his stimulus, his administration promised, and he would be able to keep unemployment under 8%:

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.

And Zero has created zero jobs ever since, as the unemployment rate climbed, and climbed to near 10% – and is expected to keep on climbing.  But don’t let that stop the Obama White House for figuring out creative ways to pat itself on the back for a job done wonderfully.

A sticky little situation that New Jersey Governor Jon Corzine got caught in is very illustrative.  It appears that Corzine decided to embark on the same tactic his president has used.

Corzine aides told to ‘stretch’ truth

TRENTON, N.J. | New Jersey Gov. Jon Corzine’s Cabinet has been told to orchestrate events to showcase job creation, even if it’s “a stretch.”

Mr. Corzine, a Democrat, is locked in a tight race for re-election with Republican Chris Christie and polls show the economy is a major issue.

The Star-Ledger of Newark obtained an Oct. 5 e-mail from Mr. Corzine’s deputy chief of staff, Mark Matzen.  He asked the heads of several departments to come up with events that “get our message out” that Mr. Corzine’s economic policies are working.

Mr. Matzen went on to say that while many programs might not create jobs directly, they do have some connection through “training, giving money to sustain employment or create demand for workers.”

Corzine spokesman Steve Sigmund says the effort doesn’t have anything to do with the campaign.

Yeah, Steve.  And every article I’ve written has actually been plugging for Obama.

We get a profound sense that we are being governed by weasels.  Here are just a few of my own articles from May and June pointing out just how deceitfully “Corzinesh” the Obama White House has been:

Obama Wreckovery Act And Stimulus ‘Employment’: The Pathetic Reality

Obama And Unemployment: Just So You Know How Pathetically Incompetent Dear Leader Is

Obama Reveals His Porkulus Was Bogus In His Own Bogus Claims

Biden Falsely Claims 150,000 Jobs Created By Stimulus: And Never Mind Those 2.6 Million Jobs LOST

Those were yesterdays ridiculous lies.  Today’s lies are even more ridiculous:

Vice President Joe Biden delivered a rousing review of the government’s economic stimulus plan in a conversation with the nation’s governors. “In my wildest dreams, I never thought it would work this well,” he said. “Thank you, thank you.”

The actual unemployment rate is now at 17%.  From the AP:

More than a half-million unemployed people gave up looking for work last month. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.

Things couldn’t be going better, could they?

Meanwhile, even liberals are now beginning to realize what a pathetic bust Obama has been at creating jobs.

And only 43% of the voters would vote to re-elect Obama.


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