A fizzle? Stimulus benefits still elude many
The Oklahoman Editorial
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23
Published: October 26, 2009
The White House keeps insisting the $787 billion economic stimulus is working. In fact, last month Vice President Joe Biden said it’s working better than expected, with hundreds of thousands of jobs created or saved. "Instead of talking about the beginning of a depression,” Biden said, "we are talking about the end of a recession.”
Yet September saw more than 15 million Americans out of work, the highest level in 26 years. And analysts said the true number is higher. A half-million more are no longer looking for work and aren’t included in the official monthly tally.
Sold on billions of borrowed dollars because of the economic emergency, taxpayers couldn’t be blamed for wondering when they’ll actually see this stimulus do some stimulating. They may have to wait a little longer.
Last week
Christina Romer, chairwoman of the
Council of Economic Advisors and a principal crafter of the stimulus program, told a congressional committee the stimulus already has pretty much done what it’s going to do for economic growth. Although nearly $600 billion is still to be spent, Romer said it would not contribute to significant expansion next year.
Again, not great news for the nearly 10 percent of Americans waiting for the economy to perk up. Romer told Congress unemployment will stay high through the end of 2010, which makes one wonder how much worse joblessness and other indicators would have been without the stimulus — and all the extra debt that came with it.
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Economic Policy,
Labor Market,
Unemployment Rate,
Economic Stimulus
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I would like to see gas go up to about $6 per mcf though. With a 120 year supply I don't look for very high prices in my lifetime anymore.
Now my wife wants to buy a house as long as there is a $8,000 tax advantage. I tell her I think the houses she may be interested in probably just went up that much. I owned a house for years and don't want to have to have the upkeep anymore. But she says since I would now after a few years having sold, I would qualify as a 1st time buyer.
I hated the house she was renting when we got married but like the one we rent now. She thinks rent is just wasted money.
I showed her financial charts for a 100 year old house compared to the same money invested in the average market and owning a house is not smart investing by it.
Pres. Bush promised in his speech that the big bank execs. would not get a windfall if the economic recovery bill was passed.
Seems like their were some tax guarantees also promised not to be raised.
I know a lot of people give credit or blame for the "rescue" on Obama but it was backed extremely hard by the Chamber of Commerce which represents about 300,000 firms. A 700 point drop in the market in one day was hard to argue with.
Bush said he expected the rescued banks to repay.I saw there have been at least 100 banks to fail since then anyhow and more expected.
Perhaps it was just a short lived rumor to justify the switch. Otherwise, why did they suddenly pass it?
That's right, 800,000 dollars per job. Does anyone wonder why we are in a Great Recession?
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Today's corporate jungle, sneaky, weak, and business as usual.
I read Hugh Hefner wants $24 million for his mansion.
I feel SO sorry for both of them.