It was just last May that the consensus was that second-quarter GDP would be 3.3%. That had been revised down to 2.7%, but the number came in at 1.3%.
- Normally, at this time in a recovery we are growing at close to 3 times that number, or 3.6%. Double Dip?
Government stimulus is not creating jobs. Printing money, spending money is not going to do it. If anything, the government interference to the economy is destroying jobs. Remember Obama promised that we would not have unemployment above 8% if we passed this stimulus bill? We are 9%+, and that doesn’t count the ones who are not reporting.
The program created or saved just under 2.4 million private or public jobs. That amounts to a cost to taxpayers of $278,000 per job. Now with the average wage in this country around $40,000…you do the math. How about just giving us a check? Where did all the money go?
White House’s Council of Economic Advisors reports that, as of two quarters ago, the “stimulus” had added or saved just under 2.7 million jobs — or 288,000 more than it has now. In other words, over the past six months, the economy would have added or saved more jobs without the “stimulus” than it has with it. In comparison to how things would otherwise have been, the “stimulus” has been working in reverse over the past six months, causing the economy to shed jobs.”
- Too much money spent on something that did not work, there is a pattern here. And we still have to pay back the money!
At the end of 2008, when President Obama was about to take office, the national debt was $9.986 trillion. The national debt is now $14,467 trillion and climbing. We are heading for the cliff, DOW OFF 513 points today. Projections are for almost $17 Trillion by end of next fiscal year.
- Obama will have almost doubled the entire national debt of this country in 4 years versus the previous 232 years.
Let’s bring back Cash for Clunkers and give everybody $3500-$4500 again. Let’s continue to spend and print more money. Let’s continue to dig a deeper hole. That seems to be the current day philosophy. Maybe that’s explains why this administration only has 8% of it’s staff with any business knowledge. The lowest on record for a President’s administration in over 50 years.
“You cannot spend your way out of recession or borrow your way out of debt.”