5 year anniversary of Stimulus: If it was so great, where’s the hoopla?

Photo: Bob Owens

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.

14 COMMENTS

  1. “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?”

    Exactly ….

    Senator Ted Cruz nailed it today also:

    Well, five years in, it looks like President Obama’s stimulus did actually create jobs.
    Unfortunately, they’re all at the IRS and NSA.

      • People can read my disqus profile if they are interested in my background/location, booboo

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      • Hey dude just a head’s up that @ HughGKnutts (not this one, the Disqus username) is posting your personal information online on the Daily Caller, thinking that you are me. You probably should do something about that, he’s posted your LinkedIn, Twitter, Facebook and other stuff.

      • Only one problem.

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  2. barry is not and never was trying to stimulate the economy, he is trying to bankrupt us. He is trying to destroy the economy, the middle class which drives the economy and not only devalue the dollar but crash the dollar completely. Save money at home spend money abroad for the Muslims, killing us in the process.

  3. Of course, a lot of that stimulus went into the stock market every 1/4 year as quantitative easing (QE) and not just “shovel-to-earth” jobs. Only now is the QE being reduced along with the market highs. Further, the National Debt continues to climb.

    • (Cont.’d) Which makes me think of one thing. Since Paul Krugman’s (supply-side) theory on economics has NOT been working, I think we need to try something different. Harding’s use of Andrew Carnegie’s theory, similar to Milton Friedman’s more modern (demand-side) theory of cutting taxes to contrarily increase tax revenues, was effective in improving the 1920-21 depression. Spending was also cut by the Harding administration, and a national budget was created with an officer to oversee the accounting of that budget to keep things on track. During his short tenure, Harding cut the budget by 50% and the tax rate was reduced from 75% to 25% on everyone. A libertarian critic and two economists felt it was the tax cuts which caused the fix of the depression (see Warren G. Harding, Wikipedia). Perhaps Obama and Congress can shift to this SUCCESSFUL method to cure the ails of this economy. 😀

      • well what I think needs to be done is a “cleansing” of sorts…government is wayyyy too big, and they seem to think that money is just there for them to spend and keep to themselves…time to implement term limits…all 50 states will petition for term limits on Memorial Day…get aboard, and let’s do it for our country!!!!

  4. Sorry, Allen West, you lost credibility almost immediately when you called Jason Furman, Chairman of the White House Economic Council, a “mindless academic” “liar” and “idiot”. If you find it necessary to stoop to this level just to make your point then you are not deserving of my attention or respect.

    • and why is that…you love him or something? Allen West has NOT lost anything except another liberal troll…go somewhere else and cry. This man is one of the most truthful “tell it like it is” people around, and dumbasses like you don’t want to hear it…well good…don’t hear it. Hope I see you in the FEMA camps set up around the continental US, so I can punch you in the mouth. BTW, Jason Furman is a little rat puppet.

      • You want to punch me in the mouth because Mr. Allen lost credibility in my eyes and because you think I love Jason Furman? Hahahahahahaha!! That’s awesome! :)))

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