Economic stimulus working: White House

So, unemployment is still on the road to 10+, but the stimulus is working just fine? Hmmmm. Here's an idea: the bill that was passed for $787 BILLION to be spent. I don't know the exact number but *only* $300 billion or so has already been spent. Since it is obviously been so effective, how about we don't spend the remainder which is set to be distributed in 2010 and beyond. We can just put it back in the bank and pay down some of that deficit. Or even better, we can cut some taxes and give that money back to its rightful owners. But no, I'm sure that money will be spent on "saving jobs", but let's not forget there is absolutely no way that anyone could possibly measure saved jobs.

"The stimulus is working..." Joe Biden.

Insert laugh track.

In reality, the rest of the world has already pulled out of the recession. Only the U.S. and Britain lag behind. By no coincidence, they're the only two countries that tried to spend their way out of a recession.

Geez, how did that happen? The Republicans/Libertarians would have our nation believing the sky was falling, if we, Democrats, came to power. Not only are we cleaning up the Bush&Cheney fringe's mess, but we are getting our nation back to work and back to school. Way to go President Obama and Vice-President Biden, Speaker Pelosi and Senator Reid !! Keep up the good work !! Pass the real, healthcare package, that the Republican/ Libertarians are afraid to support, because it would leave them out in the cold, for the next 30 years !! Get them healing, Healthcare Corps out of our pockets and out of our medical care !!!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.

I guess Obama and Biden have not realized that Americans know them for being bald face liars and they still think they can lie to our faces and we are just going to believe it. History will judge Obama to be an even more ineffective president that Carter.

I have been an Executive Recruiter for 24 years and I can tell you this is the worst job market I have ever seen in all the years I have been in the recruitment business. The employment market remains very very tight. And many companies are not replacing vacant positions when they occur. Regardless of what some of our political leaders, politicians and television commentators have said there has been no marked improvement and things are going to continue to get worse before they get better.

Remember all of those "shovel ready" projects?

It turns out that the stimulus bill required that any project of over $25million could only be contracted by unionized labor.

That means that any significant infrastructure project will remain idle, waiting for the supply of union labor to meet the demand (Less than 20% of construction workers are represented by unions, according to the US Department of Labor)

Oh yeah, the stimulus is working so well.

"Don Fitzgerald": I am pessimistic about the economy. That pessimism does not depend on who is President or what party controls Congress. If you spend any time looking at the statistics and what is happening, you will find that the consumer (70% of the economy) has taken on an abundance of credit for the past 25 years. That credit funded the growth of current consumption at the expense of future consumption. Now, the consumer is aware that he is too much in debt and that the ATM machine (his house) of the last 6-7 years is empty. That, and the sharp decline of the stock market, is forcing consumers to reduce debt and increase savings. That is money that cannot go to consumption. Hence, consumption will have to stay down for a long time.

A second part of that is our banks are zombies and the commercial real estate defaults have not hit yet. That is coming soon. Our banks look somewhat profitable because, with the complicity of the Fed, FDIC, and SEC, many of the loans on their books are "mark to fantasy" rather than "mark to market". That is part of the reason why even though so many mortgages are in default and have received notice of foreclosure, far fewer foreclosures are taking place. If a bank forecloses, they have to mark that loan to the real estate value. For too many banks, that means their capital is exhausted and they need to be seized. But, the FDIC is out of money to pay off depositors. BTW, the banks that were "too big to fail", are now bigger. Bank America is about 40% larger than before this all started.

Things are not good at all. It looks more likely we will see deflation rather than inflation in spite of Bernancke's best efforts. The problem with deflation is that it pays people to wait to buy becuase the price will be lower tomorrow. That leads to more contraction. These kinds of economic problems are not due to one administration or one party. The whole government has been complicit for 25 years. Not only that, the problems are world wide. The more highly mortgaged the country to worse the fall. Watch out for Spain.

My concern is that we are going to be just like Japan and lose a couple of decades because we are trying to avoid, or at least minimize the pain, rather take the losses now and then dig ourselves out. Japan also tried Keynesian economics and it got them nowhere, but deeper in debt. We are on our way to $20 trillion in debt. At 5% interest, that $1 trillion annually in interest payments. That is about 30% of today's budget. That is unsustainable. And, if we decide to increase taxes to reduce the deficit, we further harm the economy by reducing consumption. There are no easy fixes nor will there be a quick recovery. We are in the first real financial meltdown since the depression. At least Bernancke is doing better than the Fed of 1930's, but there is a long way to go.

Rick

R.,
It's amazing what you can learn when you study facts and not opinions. Yes! The Stimulus package was priced at $787 billion. HOWEVER, of that $499 billion was in spending projects and $288 billion was in tax cuts. If, as you say, $300 billion has been spent then that leaves $199 billion left, but you are a simpleton and probably don't understand antyhting that is not spoonfed to you from FOX and the RNC.

I remember a few months ago some Congressmen were talking about the need for a second stimulus. The fact that this is no longer being considered, along with the rebound in the stock market, signals to me the success of the stimulus package. Too many people remain out-of-work, but thankfully we are not facing the depression-like conditions many had predicted last year.

Dear Don F,
I can count on you for the most negative comments. You see bad in just about everything in your fellow man.
You ramble on..same every day.. don't you get any joy out of life other than trashing the other guys..

Janet, You would benefit from studying the facts. CNNMoney claims the government has spent $120B total, $53B on tax cuts, food stamps and unemployment and less than $1 B on highways and energy projects. A study by the Economist shows that countries with the highest government spending have seen the greatest declines in GDP and have experienced longer duration recessions.

There is significant debate among economists whether the stimulus has done anything for the economy or if the bottoming out is simply a result of stabilizing the financial sector. It is clear that the stimulus has had limited if any effect on unemployment other than to throw some money towards the teachers unions as a political payoff. It is also very unclear whether the expiration of the first time home buyer and the cash for auto workers programs will leave any lasting effects. And no, my sources are neither Fox nor a political party.

"Stimulus working "more effectively'' than expected"

Ha Ha Ha !!!!!!!!!!!!!!

I wonder what the Repugnuts are going to be fake outraged over now?!?!

Ha Ha Ha Ha Ha Ha!!!!!

The BushCo Republicans gave us what? Record deficits, record foreign debt, record trade deficits, butchering of the middle class, letting the financial sector run wild with absolutely no oversight and those are a just a few things.

The American people are not stupid, they don't blame Pres Obama for the fiscal condition of this country after only 7+ months in office.

My favorite part of the economy starting to recover from the Bush recession is that Wingnuts have been on here for the entire six months of Obama's presidency trying to blame the entire Bush recession on him.....and now?.....Ha Ha Ha!

I GUARANTEE you that whackjob Wingnut sycophants (like Terry and John D) will start up with their new BS talking point of: "the economy recovered on it's own, snort snort slurp slurp blah blah!", and it will happen in:

5...4...3...2...1 Ding Ding Ding!

Oh Dumb Dumb Janet, why am I NOT surprised that you are wrong AGAIN??? So, far just about 12 percent of the stimulus has been spent, NOT including the so-called tax cut. From Pro Publica, comes this: "Only $70 billion, or about 12 percent of the $580 billion in the spending portion of the stimulus package, is out the door so far. (It’s much more difficult to track the tax cut portion, which makes up the bill’s remaining $212 billion.)

Moreover, that 12 percent includes some $13 billion from the Social Security Administration in one-time $250 checks to current Social Security recipients.

So Dumb Dumb, as you can see, very little money has been spent on the so-called shovel-ready projects.

Janet, remember what I've said before: it's always best you keep that bazoo shut!

" janet": No, the spending includes the tax cuts and rebates. So, if $300 billion has been spent, then $487 billion remains.

The big problem, though, is we can get tax cuts out the door quickly. We cannot get project money out quickly. The idea of "shovel ready" project was an obvious lie from the beginning. If a project were "shovel ready" it would have been funded already with all the appropriate sign offs. about 33% of the money that was designed to create jobs has been allocated to projects, but very little has been spent. The spending will flow over the life of the projects. But, the other 66% has not made it through the appropriation process yet, so that sending will be much delayed.

Rick

Little Johnny D,
$580 + $212 = ? Tell us how much was the Stimulus bill? Every figure I've seen says it was $787 billion. $499 in spending and $288 in tax cuts. Please explain where you got your figures.

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Oh Dumb Dumb Janet, why am I NOT surprised that you are wrong AGAIN??? So, far just about 12 percent of the stimulus has been spent, NOT including the so-called tax cut. From Pro Publica, comes this: "Only $70 billion, or about 12 percent of the $580 billion in the spending portion of the stimulus package, is out the door so far. (It’s much more difficult to track the tax cut portion, which makes up the bill’s remaining $212 billion.)
Posted by: John D | September 3, 2009 3:51 PM
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As the Repuglicans cornucopia of lies on taxes, health care reform, President Obama's birth, grandma's government-mandated death and so much more shows, the comical untruth of a statement is no barrier to a Republican repeating it. Contrary to the dishonest claims of Cantor, Boehner, Gingrich and their echo chamber like Lil Johnny Drooler here, the stimulus program is not a "dismal failure."

Regardless, that conservative misinformation drumbeat will doubtless continue with the dumb as a brick base nuts like Johnny D spreading the fearmongering for their Repug overlords.

Unemployment is a lagging indicator, you morons:
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http://www.perrspectives.com/blog/archives/001585.htm
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Stimulus is working? If joe says so, then it must be true.

Let's recap - unemployment was not supposed to barely exceed 8% if the Spendulus was passed. we are way pass 9% now.

Second, BO was going to create 3 million jobs in the first two years - he's lost of 2 million, so he has to create 5 million in 18 months. You do the math. Yes, I know, gov't doesn't create jobs, unless they are gov't jobs.

Dumb Dumb Janet, I credit the source for my info. it is right there. By my math 580 +212 equals 792, which is 5 billion more than the 787 billion we've seen for the stimulus package. Not sure how that website came up with those numbers, but Janet, darling, a $5 billion difference is not going to change the facts much.

And Mr or Mrs Eletrical Supply Products, er Deranged, Demented John E., er Dumb Dumb Janet, sorry but no lies passed. The spendulus program is a dismal failure, well it did successfully balloon our nationalo debt, one that Obimbo will double in just 8 years over the previous 230 years combined!!

Let's recap - unemployment was not supposed to barely exceed 8% if the Spendulus was passed. we are way pass 9% now.
Posted by: Terry | September 3, 2009 7:04 PM
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The economy improving is the worst news that Repugnut blowhards like Trickledown Terri here could have asked for. I can already see his bloated red face crying that, despite tons of evidence to the contrary smacking him in the face, "tax cuts for multi millionaires and fake wars are the only way to run an economy!"...

Waaaaaaah!...snif snif snif..

Bull-Unemployment is bigger than ever.

Inky,
Thanks for the report on the unemployed Bulls. I didn't know they were having trouble finding work.

Oh yea..."stimulus is working, White House."

Now the two obama drones, billr. and Don Fitfgerald,Illinois can go back to sleep in mommy's basement.

Paulo

nky,
Thanks for the report on the unemployed Bulls. I didn't know they were having trouble finding work.
Posted by: Itchy | September 3, 2009 8:55 PM
Misunderstanding - Short decent word for a two legged BULL, sorry misinformed you.

Yeah! its working, Hey Nobama and Joe please pass on some of what you guys are smoking. You are so out of touch with reality it isn't even funny!.

"anti terry": You never actually say anything. Is it your self appointed task in life to disagree with Terry even if you have no way, or ability, to support your disagreement? Why do you bother? The rest simply chuckle at your meager postings.

Rick

You people are so STUPID.The Stimulus Program IS a huge success. IF you're in a Union. IF you're in ACORN. IF you're one of Herr Obamas' STREET THUGS. IF you're a member of The Arts, and put on 'dances' featuring SIMULATED SEX. Ahhh, the arts. Why can't you see this? Why can't you take this MARXISTS' token White Boys' word on this? Don't you realize that 100 Gajillion Jobs have been "SAVED"? I don't understand you people.

Rick, the "anti-Terry" is nothing more than John E., Janet, former republican, mullah limpbaugh is a fat idiot and perhaps even a few other names in the swamp. As you point out, this Sybil of the Swamp never adds anything, has no intelligence and when he tries to post anything that has any information in it, it's usually cut and pasted from some far left website. It;s basically your usual typical waste from the far left.

Those White House guys are a laugh a minute. "The stimulus is working..." What a show-stopper. Sure. One in every 10 Americans out of work; factories closing; businesses (including this newspaper) bankrupt. Obama's a comedian all right...but unfortunately the joke's on us.

Trickled On John E,

Looks like another great accurate statement from VP Foot-in-the-mouth.

"The fundamentals of our economy are strong". George W Bush--while the feathers were hitting the fan. I never want another president who is stupid or else lies. Either way, it ruins the country--and a lot of the world. The world still needs to go after his stupidity as well as the lies.