In my AIP column today, I discuss the possibility of a second stimulus. Even though Barack Obama says he's not interested right now, many others are, including Laura D'Andrea Tyson, one of his economic advisors. Instead of a second stimulus that would only send more money down the drain, we should cancel the remainder of the first one and instead implement the ideas we know will jump start the economy create jobs. Here's a portion:
Back in February, President Obama signed his stimulus bill into law. At the time, he declared that the $787 billion boondoggle was absolutely necessary to prevent the U.S. economy from going over the edge and into the abyss and becoming a catastrophe. With the so-called "stimulus," the president promised the unemployment rate would top out at 8 percent. Without the stimulus, he warned that the unemployment rate would hit 9 percent. The stimulus plan was implemented and six months out, the unemployment rate is now 9.5 percent and climbing. Even President Obama has had to admit that the worst is not yet over. He now is warning the American people that the unemployment rate will reach and probably exceed 10 percent. So much for his promise that the stimulus would keep us from going over the edge.It's clear this bill is not creating the jobs this country needs to get us out of the economic hole we have found ourselves in, even though the president has tried his hardest to perpetuate the charade that it is working. He said on July 1st that since the bill was designed to make sure state governments did not lay off teachers, firefighters, and police that it did its job. That is clearly untrue based upon the reports that police and teachers are being laid off right now in cities all over the country. President Obama was trying to put a happy face on a clearly worsening situation, hoping that Americans fail to notice that the stimulus bill is not the solution he advertised it to be.
So far, much of the money is being used incorrectly. According to a new report form the Government Accounting Office, the vast majority of money sent to the states is being used to pay for Medicaid and to pay down their deficits. Even the money that has gone to infrastructure work such as highways has been spent on repaving projects that don't require a lot of workers.
Now that it has become clear to those who are willing to see the truth that the stimulus bill is failing to do what Obama said it would and, according to Mitch McConnell, is costing us $100 million a day in interest alone, what solutions are the brilliant minds who proposed the stimulus bill in the first place now recommending? Can you believe they are actually saying we need a second stimulus bill? Laura D'Andrea Tyson, advisor to President Obama, said the first one was "a bit too small." Apparently, failure the first time around simply is not good enough for them.
Read the rest and leave a comment if you're so inclined, whether here at Wizbang or at the column itself. While you're at AIP, be sure to read all the other great columns and blog entries. Ed Morrissey also writes about the stimulus as well and says that it only stimulated existing government jobs. Lorie Byrd's column from yesterday about American Entrepreneurship is a really good one. TJ Brown writes about the lessons learned from the G-8, and it's not that the president likes to ogle other women's derrieres.
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Comments (20)
Another Barack Obama-style ... (Below threshold)1. Posted by drjohn | July 10, 2009 9:08 AM | Score: 7 (7 votes cast)
Another Barack Obama-style stimulus and unemployment will go to 15%.
1. Posted by drjohn | July 10, 2009 9:08 AM |
Score: 7 (7 votes cast)
Posted on July 10, 2009 09:08
2. Posted by tomg51 | July 10, 2009 9:16 AM | Score: 5 (5 votes cast)
Please just build nuclear plants with it.
I don't want to become "third-world"
2. Posted by tomg51 | July 10, 2009 9:16 AM |
Score: 5 (5 votes cast)
Posted on July 10, 2009 09:16
3. Posted by GarandFan | July 10, 2009 10:17 AM | Score: 6 (6 votes cast)
Well I'm sure the San Francisco marsh mouse is quite happy with it's 16.1 MILLION cut of the 'stimulus' bill. Now if Nancy would just take a little of her valuable time to explain how this will 'stimulate' the economy, I'm all ears.
3. Posted by GarandFan | July 10, 2009 10:17 AM |
Score: 6 (6 votes cast)
Posted on July 10, 2009 10:17
4. Posted by 914 | July 10, 2009 10:17 AM | Score: 4 (4 votes cast)
I guess Obama can " Out Carter, Carter."
4. Posted by 914 | July 10, 2009 10:17 AM |
Score: 4 (4 votes cast)
Posted on July 10, 2009 10:17
5. Posted by Hank | July 10, 2009 10:34 AM | Score: 5 (5 votes cast)
A second stimulus?
Brings up the question, what comes after trillion?
5. Posted by Hank | July 10, 2009 10:34 AM |
Score: 5 (5 votes cast)
Posted on July 10, 2009 10:34
6. Posted by GarandFan | July 10, 2009 11:00 AM | Score: 6 (6 votes cast)
"Brings up the question, what comes after trillion?"
Good question. Given the current administration's spending, the word BILLION is so passe. Maybe Gazillion? Bazilliion? Better yet, in honor of the person doing it, how about Obamarillion?
6. Posted by GarandFan | July 10, 2009 11:00 AM |
Score: 6 (6 votes cast)
Posted on July 10, 2009 11:00
7. Posted by JLawson | July 10, 2009 11:04 AM | Score: 7 (7 votes cast)
Tomg51 -
Nuclear power is not allowed under the rule of the Pelosi-Reid-Feinstein Technologically PC-Ecologically Sustainable Junta.
Far better the country fail for want of power than use non-green sources. Oh, and you can't use wind, it kills birds. Oh, and you can't use solar, it causes too much shade in the desert. Oh, and tidal is right out, it hurts fish. Don't even think about geothermal, it causes earthquakes. Put the axe away, also - burning wood yields CO2.
Put all your money on ACORN and big government - that will save us.
7. Posted by JLawson | July 10, 2009 11:04 AM |
Score: 7 (7 votes cast)
Posted on July 10, 2009 11:04
8. Posted by P. Bunyan | July 10, 2009 11:07 AM | Score: 7 (7 votes cast)
"Brings up the question, what comes after trillion?"
Answer: Bankruptcy
8. Posted by P. Bunyan | July 10, 2009 11:07 AM |
Score: 7 (7 votes cast)
Posted on July 10, 2009 11:07
9. Posted by GarandFan | July 10, 2009 11:57 AM | Score: 4 (4 votes cast)
"Bankruptcy"
Won't happen. According to their logic, 'we still have money left'. Timmy will just print more. We'll adopt the old soviet attitude. "They pretend to pay us, we pretend to work". That's a win-win in the Democratic playbook.
9. Posted by GarandFan | July 10, 2009 11:57 AM |
Score: 4 (4 votes cast)
Posted on July 10, 2009 11:57
10. Posted by davidt | July 10, 2009 11:57 AM | Score: 4 (4 votes cast)
A trillion here, a trillion there, and pretty soon you're talking about real money.
10. Posted by davidt | July 10, 2009 11:57 AM |
Score: 4 (4 votes cast)
Posted on July 10, 2009 11:57
11. Posted by P. Bunyan | July 10, 2009 12:04 PM | Score: 4 (4 votes cast)
Sadly your very likely right GarandFan. I can't wait to pay $100,000.00 for a #2 lunch at McDonalds. Want that supersized? That'll be another $75,0000.
Wanna retire? LOL. All that money you've been saving will last you about a week in Mugabe's, opps, I meant Obama's Amerika (I keep getting those two guys confused...)
And BTW, great article Kim.
11. Posted by P. Bunyan | July 10, 2009 12:04 PM |
Score: 4 (4 votes cast)
Posted on July 10, 2009 12:04
12. Posted by LiberalNitemare | July 10, 2009 3:15 PM | Score: 2 (2 votes cast)
Obama and the rest of the liberally controlled congress knew that the stimulus wouldnt work and rammed it down americas throat anyway.
Maybe we wouldnt be in this spot now if they had worked to stimulate the economy instead of forcing thru the democratic wish list.
12. Posted by LiberalNitemare | July 10, 2009 3:15 PM |
Score: 2 (2 votes cast)
Posted on July 10, 2009 15:15
13. Posted by Trajan | July 10, 2009 4:56 PM | Score: 0 (0 votes cast)
Radical energy program? Let's burn ACORNs.
They're plentiful and we would be cleaning
up the (political) environment. Can't
get around the carbon footprint, tho.
13. Posted by Trajan | July 10, 2009 4:56 PM |
Score: 0 (0 votes cast)
Posted on July 10, 2009 16:56
14. Posted by hsr0601 | July 11, 2009 12:46 AM | Score: -3 (3 votes cast)
In regard to the stimulus investment, my understanding is as follows:
1. The current surging fuel cost (World oil prices doubled during the last 6 months) is overwhelming the market rally.
And the pending clean energy bill might serve as a second stimulus package world-wide boosting private investments.
2. People are so worried about losing their job, coverage, denial of treatment, which seems to increase bank deposit latetly. That means stimulus funding mainly goes toward bank deposit for a rainy day increasing jobless rate. It proves again that a healthy society yields better productivity, prosperity.
It is time to 'Change' the notion of the public health as a fundamental human right and install 'a safety system for all' like all of the other industrialized nations, I think.
3. The stimulus funding begins to mobilize just 11%, meanwhile, the auto industry has undergone its restructuring with the massive job-related impact.
4. The pandemic swine flu has been hurting the global economy seriously.
14. Posted by hsr0601 | July 11, 2009 12:46 AM |
Score: -3 (3 votes cast)
Posted on July 11, 2009 00:46
15. Posted by drjohn | July 11, 2009 7:43 AM | Score: 1 (1 votes cast)
Oil closed at $59 yesterday, down from $74 a few weeks ago. Surging indeed.
15. Posted by drjohn | July 11, 2009 7:43 AM |
Score: 1 (1 votes cast)
Posted on July 11, 2009 07:43
16. Posted by P. Bunyan | July 11, 2009 8:03 AM | Score: 2 (2 votes cast)
Only a leftist would think the most massive tax increase in the history of the human race would "serve as a second stimulus package world-wide boosting private investments."
Let me clue you in here bud, taxes do not stimulate anything. They destroy things.
But I can see why you're side has to grasp at these straws what with damage to the economy from everything you've done since 2007 and now that you have total power our decent into a second great depression hastening daily.
But I did get a nice Saturday morning chuckle from your post so it was good for something.
Interesting times we live in when the things that our President, VP, & Speaker of the House say are way funnier than anything that Carlin, Seinfeld, Martin, or the other great comedians have ever come up. Of course that humor turns to profound sadness to think that there are those out there who actually believe the shit that Obama, clueless Joe, and Skeletor say...
16. Posted by P. Bunyan | July 11, 2009 8:03 AM |
Score: 2 (2 votes cast)
Posted on July 11, 2009 08:03
17. Posted by Reaganite Republican | July 11, 2009 12:04 PM | Score: 1 (1 votes cast)
Obama's "stimulus" is a train-wreck- these jobs figures are far worse than the ones the White House warned us about if we DIDN'T pass the bill- so it was passed, and then unemployment soars anyway?
He said it would top-out at 8%, we give him a trillion dollars, and he and Joey Pluggs now tell us they "underestimated" as it pushes 10%?
-oh please
Instead of creating jobs, interest rates were bumped up, the dollar slid... and it didn't help anybody get any work. Much of this is due to the fact that Obama's agenda has mortified almost every machine of job-and-growth creation in the country.
The One couldn't deliver the type of "temporary, targeted, and timely" bill that he promised repeatedly, and regardless of his image in the press, Obama simply lacks the the political stature to control Pelosi and Reid... who hit the trough hard, while bickering like siblings.
And the lack of GOP co-conspirators exposed Obama politically... this legislation now looks to be a HUGE gamble. And when all this pork-n-welfare fails to generate any real economic gains, the Democrats will face a bloodbath in 2010.
http://reaganiterepublicanresistance.blogspot.com
17. Posted by Reaganite Republican | July 11, 2009 12:04 PM |
Score: 1 (1 votes cast)
Posted on July 11, 2009 12:04
18. Posted by Paul Hooson | July 11, 2009 5:56 PM | Score: -3 (3 votes cast)
In his Saturday radio address, President Obama opposed the need for any second stimulus plan. The problem for the first one is that environmentalists and some citizens have slowed or prevented many highway or construction projects as endless hearings need to be held. Between Oregon and Washington, a multi-lane bridge is badly needed to replace the existing one, because motorists can spend up to 2 hours in traffic to get home from either Portland or Vancouver where they work. Yet some bicycle riders and environmentalists have stalled this project, even though few bicyclists would travel over this bridge and are prevented by law from using the connecting freeway.
The stimulus bill would provide many jobs if there wasn't so much red tape and legal delays.
18. Posted by Paul Hooson | July 11, 2009 5:56 PM |
Score: -3 (3 votes cast)
Posted on July 11, 2009 17:56
19. Posted by Flu-Bird | July 12, 2009 12:17 AM | Score: 2 (2 votes cast)
We should never have gotten a first stimulus and we dont need a second
19. Posted by Flu-Bird | July 12, 2009 12:17 AM |
Score: 2 (2 votes cast)
Posted on July 12, 2009 00:17
20. Posted by MF | July 13, 2009 9:05 PM | Score: 0 (0 votes cast)
government intervention = red tape
less government intervention = more for the US citizens
20. Posted by MF | July 13, 2009 9:05 PM |
Score: 0 (0 votes cast)
Posted on July 13, 2009 21:05