Stimulus Failure

President Obama Continues Claim that “We’re Not Going to Spend Any More Money Than We’re Taking In”

Geithner Admits: Obligations in President’s Budget “Unsustainable”

USPS gets short-term relief from Obama’s 2012 budget, but some call it a bailout

Unemployment benefits jump to 410,000

Gallup Finds U.S. Unemployment Up to 10.0% in Mid-February

U.S. Consumer Prices, Jobless Claims Exceed Forecasts

Thomas Sowell doubts ‘the entrepreneurial spirit’ will win out over ‘big government’ in America

http://video.foxbusiness.com/v/4543549

Fed Officials Divided on Stimulus, Disappointed on Job Growth

Happy birthday, stimulus! NRCC launches website to remind Democrats of their 2009 promises

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White House Economists Won’t Testify on Stimulus

White House Ignores Interest Payments in Claiming to Control Debt

Calif gov. freezes hiring, drops minimum wage suit

U.S. Economy Flight 666, On a One Way Inflation Ticket To Zimbabwe Part2

Gas pump prices highest ever for this time of year

Major Food Distributor Sysco: “Immediate Volatile Prices, Expected Limited Availability, and Mediocre Quality at Best”

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Greenspan: Fiscal Stimulus Worked Far Less Than Expected

Obama Keeps Promise: USDA Gives $630 Million to Farmers

Obstacle to Deficit Cutting: A Nation on Entitlements

Don’t Worry About China, Japan Will Finance U.S. Debt

US Federal Debt As Percent Of GDP

US Debt Clock

WH’s Bernstein: Millionaires “Don’t Need The Extra Cash”

Corn touches fresh 2-year high on supply worries

White House sends spending wish list to Congress

Gold and the Obama Administration

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120 Days to Go Until the Largest Tax Hikes in History

Jobless Rate Climbs to 9.6 Percent as More Americans Seek Work

Fed buys $900 million in Treasury buyback

Gold Rallying to $1,500 as Soros’s Bubble Inflates

Stimulus? Who Said Anything About a Stimulus?

White House considering emergency economic stimuli

Another Unhappy Labor Day

The Audacity of Failure

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Economy Caught in Depression, Not Recession: Rosenberg

Existing-Home Sales Plunged in July

Housing Ain’t the Deal

Yes Folks, Hindenburg Omen Tripped Again

Dow Faces Bouncy Ride to 5,000: Strategist

Little-known fact: Obama’s failed stimulus program cost more than the Iraq war

U.S. business wants hearings on Bush-era tax cuts

What’s the Beef? Food-Inflation Fears

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Congressman Tom Price and the Republican Study Committee just released this article.

So What You’re Saying Is…Your Stimulus Was a Failure

As they discover the inverse relationship between a rising unemployment rate and their tanking approval ratings, Democrats are beginning to ask, “Where are the jobs?”.

“Senate Democrats will take up a new job-creation bill in the wake of the 10.2 percent unemployment rate, Majority Leader Harry Reid told his colleagues Tuesday.” (The Hill, 11/11/09)

And just this morning, the White House chimed in on a similar note.

“Under pressure from a double-digit unemployment rate, President Barack Obama will hold a jobs summit at the White House in December, a senior aide said.” (Politico, 11/12/09)

But wait…didn’t the Democrats already pass a stimulus package that was going to save or create 3-4 million jobs? Why hold a jobs summit or pass another jobs bill if their so-called stimulus worked as well as they said?

“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.” (WSJ, 9/24/09)

Is it possible the Democrats’ claims of success beyond their “wildest dreams” were “wildly exaggerated”? It’s not just possible; it’s the cold, hard truth.

“While Massachusetts recipients of federal stimulus money collectively report 12,374 jobs saved or created, a Globe review shows that number is wildly exaggerated.” (Boston Globe, 11/11/09)

“Click on the computerized map of the state of Colorado on the federal government’s stimulus-spending Web page, and it displays 8,094 full-time jobs created or saved in the state. It’s a number that is inflated by at least 1,000 jobs, the result of confusing reporting requirements, inaccurate reporting and, perhaps, overreaching at some reporting agencies.” (Denver Post, 11/10/09)

This jobs summit should be a great way for the White House to take the public’s attention away from the countless news reports debunking their claims of success. President Obama’s clearly still learning on the job, but at least he’s bringing in outside help.

“The aide said a variety of business and community leaders will discuss job creation at the forum. ‘We’re shaking every tree to get every good idea,’ the aide said.” (Politico, 11/12/09)

Will they shake this tree? We’ll just have to wait and see.

Republican Ways and Means

7 Months After Stimulus 49 of 50 States Have Lost Jobs
America Now Over 6 Million Jobs Shy of Administration’s Projections

Washington, Oct 21 -

The table below compares the White House’s February 2009 projection of the number of jobs that would be created by the 2009 stimulus law (through the end of 2010) with the actual change in state payroll employment through September 2009 (the latest figures available). According to the data, 49 States and the District of Columbia have lost jobs since stimulus was enacted. Only North Dakota has seen net job creation following the February 2009 stimulus. While President Obama claimed the result of his stimulus bill would be the creation of 3.5 million jobs, the Nation has already lost a total of 2.7 million – a difference of 6.2 million jobs. To see how stimulus has failed your state, see the table below.

after_stimulus_job_loss

Source:
http://www.republicans.waysandmeans.house.gov

Congressman Tom Price (R-GA) issued the following statement after the Bureau of Labor Statistics reported that 216,000 more Americans lost their jobs in August. The unemployment rate rose to 9.7%, the highest level in 26 years.

Despite all the evidence to the contrary, the White House continues to tout the alleged success of their so-called stimulus bill,” said Congressman Price. “The 216,000 workers who lost their jobs last month join the millions of out-of-work Americans whose prospects for future employment are being hindered, not helped, by the federal government’s inefficient and enormously expensive Porkulus projects. The Democrats’ unprecedented level of government borrowing and spending will not stimulate job creation, nor has it stopped the job losses being experienced by so many Americans.

The Democrats sold their plan as a way to immediately pick up the economy. In fact, it is little more than a multi-year program to borrow and spend hundreds of billions of dollars for special interest giveaways. The real secret to economic growth is simple – reverse the skyrocketing debt that slows down private sector investment and allow individuals and businesses to decide for themselves how best to utilize their hard-earned dollars.

Here are some articles about the Bureau of Labor Statistics Employment Report:
Non-Farm Payrolls Fall 216,000, Jobless Rate 9.7%

Unemployment rate rises to 26-year high

COMMITTEE ON OVERSIGHT AND GOVERNMENT REFORM
http://republicans.oversight.house.gov

U.S. House of Representatives
News Release

Issa to Emanuel: Back Off!

August 4, 2009

WASHINGTON. D.C. – Following reports that White House Chief of Staff Rahm Emanuel has been orchestrating an effort to intimidate members of Congress and Governors who raise legitimate concerns regarding the effectiveness of the stimulus, House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) sent a letter to Emanuel saying “While this type of scare tactic may work In Chicago, it will not work to intimidate me or other Members of the United States Congress.”

“I and others have dared to bring these facts to the attention of President Obama, the Congress and the American people,” Issa wrote. “You’ve unfortunately reacted by once again resorting to the playbook of the Chicago political machine.”

Last month, Politico reported that Emanuel had “launched a coordinated effort to jam” Senator Kyl and other Administration critics… “[A]fter seeing Kyl and House Minority Whip Eric Cantor (R-VA) again paint the legislation as a failure on Sunday talk shows, White House chief of staff Rahm Emanuel directed that the letters from the Cabinet secretaries be sent to [Governor] Brewer, according to two administration officials.”

Issa noted, “The fact that the letters were coordinated by you to maximize the level of intimidation is supported by the timing, structure, and content of each letter. Not only were the four letters all sent the day following Senator Kyl’s remarks, but they were also remarkably similar in tone and sentence structure.”

Letter from Ray LaHood, Secretary of Transportation:

On Sunday, Arizona Senator Jon Kyl publicly questioned whether the stimulus is working and stated that he wants to cancel projects that aren’t presently underway. I believe the stimulus has been very effective in creating job opportunities throughout the country. However, if you prefer to forfeit the money we are making available to your state, as Senator Kyl suggests, please let me know [emphasis added].

Letter from Ken Salazar, Secretary of the Interior:

Some key Republican leaders in Congress have publicly questioned whether the American Recovery and Reinvestment Act is working and suggested cancelling all projects that are not currently in progress. I believe they are wrong. The stimulus funds provided through the Recovery Act are a very effective way to create job opportunities throughout the Country. However, if you prefer to forfeit the money we are making available to Arizona, please let me know [emphasis added].

“At what point do you believe your practice of Chicago-style politics violates a public official’s right to speak out in favor of alternative policies,” Issa asks. “The American people have a right to know what role you played in developing the threatening letters to Governor Brewer and whether you intend to continue to engage in these tactics in the future.”

In order to assist the Committee with its investigation of this issue, please provide the following information by close of business on Tuesday, August 11, 2009:

1. Your response to Politico’s report that “White House chief of staff Rahm Emanuel directed that the letters from the Cabinet secretaries be sent to [Governor] Brewer, according to two administration officials.”

2. A full and complete explanation of the development of the four July 13 letters from the cabinet secretaries to Governor Brewer, including but not limited to the role you or any other White House official played in writing the letters or encouraging the writing of the letters.

3. All records and communications between you and Secretary LaHood, Secretary Salazar, Secretary Donovan, and Secretary Vilsack referring or relating to the decision to send the July 13 letters to Governor Brewer.

4. A full and complete explanation of the role of the Democratic National Committee and the White House Office of Political Affairs in authoring, encouraging, facilitating, or directing the four July 13 letters from the cabinet secretaries to Governor Brewer.

You can view a copy of the full letter to Emanuel by clicking here.