Stimulus Failed. AKA: How Many Times Do I Have To Say That It Wouldn’t Work?
I’m shocked, shocked that the Stimulus didn’t work out.
This week, President Obama had the dubious pleasure of offering a budget with a deficit of more than a trillion dollars. He could have done something more politically attractive: unveil a plan to curb the runaway spending of the Bush years.
But to do that, the president would have had to make a different choice a year ago, by rejecting the $787 billion fiscal stimulus package passed by Congress. Of all the mistakes Obama has made, that now looks like the worst.
Be sure to read the entire thing.
It’s obvious now as it was back then. It won’t work.
In Unexpected But Yet Related News: Job losses where higher than what was previously thought. Because the same people who thought the stimulus would work, thought that employment would rise too.
Job losses during the recession may have been underestimated by close to a million jobs. So instead of employers cutting just over 7 million jobs from their payrolls since the economic downturn began in December 2007, it’s expected that the Labor Department’s new estimate will be a loss of 8 million jobs.
“It’s an enormous understatement of the severity of the crisis,” said Heidi Shierholz, labor economist with the Economic Policy Institute, a union-supported think tank. “It confirms that things were actually worse on the ground than what the reports suggested.”
