Economic Stimulus Not Very Stimulating
Where are all the saved jobs Obama claimed?
Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The unemployment rate continued to rise, increasing from 8.9 to 9.4 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries.
The number of unemployed persons increased by 787,000 to 14.5 million in May, and the unemployment rate rose to 9.4 percent. Since the start of the recession in December 2007, the number of unemployed persons has risen by 7.0 million, and the unemployment rate has grown by 4.5 percentage points.
Unemployment rates rose in May for adult men (9.8 percent), adult women (7.5 percent), whites (8.6 percent), and Hispanics (12.7 percent). The jobless rates for teenagers (22.7 percent) and blacks (14.9 percent) were little changed over the month. The unemployment rate for Asians was 6.7 percent in May, not seasonally adjusted, up from 3.8 percent a year earlier.
That’s Iron Law of Socialism #1: it doesn’t work, never has worked, and never will work. Iron Law of Socialism #2: you’re gonna get it whether you like it or not. Iron Law of Socialism #3 is that it’s almost impossible to get rid of once it’s implemented. Some of us will soon be shocked — SHOCKED — to see these laws demonstrated.
Again, I mean.
Ed Morrisey has charts and stuff and sums it up:
Why is this important? It demonstrates that the President and his economic advisers have gotten pretty much everything about this economic collapse wrong. Instead of contracting government spending and shoring up the credibility of the currency, they’re setting records in dissipating it instead. Instead of focusing on fixing the problem that government explicitly created — mortgage-backed securities — they’ve literally left that for last while they waste money chasing every Democratic constituency but ignoring the actual cancer in the financial system.
The people that brought you the original version of this graph have no business leading the economic policy of the US government, and we’ll be paying for their mistakes for decades.
The highest unemployment rate in 25 years on Obama’s watch. Blame Bush. Right? No wonder Obama’s approval rate is dropping like a rock! Wow! Thank goodness for that stimulus package! It really did the job!
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Posted by Jay on June 5, 2009 11:27 pm
» Filed Under 1st Amendment, Anti-Capitalism, Economy, News, Recession/Depression, Socialism, bailouts, liberalism, stimulus bill
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Syndicate Me
Now would be a good time to review the Red Primer for Children and Diplomats at http://redprimer.com
The following link presents a revealing graph about the unemployment situation.
http://michaelscomments.wordpress.com/2009/06/05/the-may-unemployment-numbers-are-here-and-worse-than-predicted/
May’s unemployment figures shows that the unemployment rate has passed the Obama Administration’s projections of the worst that would have happened if the stimulus package was not passed. So Socialist Obama’s misguided stimulus package has essentially been a waste of taxpayer’s money.
But I’m convinced that the real reason that Obama wanted the stimulus package was to implement the 9000 “nonexistent” earmarks. These earmarks amount to the biggest heist of the US Treasury in history, complements of the corrupt Democrats running DC.
People, we need to elect pro-state power people to the state governments in 2010. State government leaders need to repeal the ill-conceived 16th and 17th Amendments, the source of power for the corrupt, Constitution-ignoring Democratic Party.
I came to the realization of the meaning of taking state bailout money and got mad, then very depressed. Barry O is a much smarter man than I thought.
http://animal-farm.us/change/we-are-all-socialists-now-part-ii-454