Back in 2009, one of President Obama’s first initiatives was the grand Keynesian government-spending endeavor called the American Recovery and Reinvestment Act (ARRA) — aka the Stimulus. Some $800 billion of US taxpayer resources was supposed to get unemployment under 8 percent, among other goals.
Yesterday was the five-year anniversary of the Stimulus and there was little grand fanfare — as a matter of fact, President Obama was on a separate vacation from the First Lady playing golf in California.
So rather than a typical Obama staged event with fawning supporters as props in the background, all we got was a 70-page report. Foxnews.com said the report stated the Stimulus and other fiscal measures saved or created 1.6 million jobs through 2012 and eventually ended the country’s 18-month-long recession in June 2009.”
Jason Furman, the mindless academic who is chairman of the White House Economic Council — he was the fella who tried to convince Americans that losing jobs due to Obamacare is a good thing — said, “The recovery act … helped to avert a second Great Depression and made targeted investments that will pay dividends long after the act has fully phased out. The U.S. economy is undoubtedly in a stronger position than when President Obama took office.”
He’s either an idiot or a liar, or mostly likely both. First of all Jason my friend, individuals invest, businesses invest, but government spends other people’s money.
Obama signed the bill about 14 months after the deep recession started in December 2007 and about eight months before the national unemployment rate peaked at 10 percent in October 2009. Today the Obama administration and Democrats tout the unemployment rate at 6.6 percent. But what is the truth? There are more Americans out of the workforce than when Obama entered office. Our workforce participation rate is at its lowest since Jimmy Carter was president — a very dubious distinction probably not in the 70-page report no one will read. America’s real unemployment rate is closer to double digits, a point Furman and the liberal progressive media accomplices will never discuss.
One of the most telling aspects of the failure of the Stimulus is the growing level of poverty and food stamp (EBT card) usage in America. I wish Jason Furman would explain to the American people why, if our economy is recovered and the stimulus has been successful, is his boss asking for an extension of unemployment benefits – for the eleventh time. After all, it was Obama and the Democrats who expanded unemployment benefits from 26 weeks to 99 weeks, and now seek even more extensions. C’mon President Obama and Mr. Furman, we’re not that gullible.
Let’s be honest here, if the economy was so great and the stimulus so successful, why is the Federal Reserve printing $85 billion a month? The answer is simple: the economy has not and is not recovering as the Stimulus and Obama promised. We are sitting on a dangerous bubble created by an artificial economy sustained by government largesse. And it’s benefiting Wall Street, not Main Street.
President Obama put a band-aid on a sucking chest wound. We know how this usually goes. If the Stimulus had been such a great success, he would have been in Washington DC with no grand production values spared. If you’re proud of something, you say it loud. When you’re not, you run away to the golf course and put out a 70-page report.