Posted on 05/29/2009 2:53:01 AM PDT by Scanian
On January 10, two of President Obama's economic advisors (Christine Romer and Jared Bernstein) put together a report in which they projected the effects of President Obama's economic recovery plan. The blue line in the chart below shows the unemployment rate that they predicted would result. Unemployment was supposed to peak in the middle of 2009 at about 7.9% and then decline thereafter. But in April 2009, it hit 8.9%.
The actual unemployment line, shown in red, demonstrates that, despite Obama's recovery plan, unemployment has continued to rise steadily. His plan is failing to meet its projections, even though it has already cost our government hundreds of billions of dollars in debt that taxpayers will eventually have to pay back with interest.
Obama's advisors hoped that their increased government loans to banks and automakers, tax rebates to consumers, and increased government spending would stimulate business investment which would put American workers to work and eventually make them more productive. But net investment in American manufacturing has been near zero ever since President Clinton let China into the World Trade Organization (WTO), gave her favored-nation treatment, and allowed her barriers to imports to remain intact.
Obama's Plan A is failing because it does not recognize the causes of the Great Recession and does not propose appropriate remedies. Under the Clinton and Bush administrations, the United States and the WTO permitted the creation of massive imbalances in the global economy.
(Excerpt) Read more at americanthinker.com ...
which assumes there is a plan ‘b’.
ping
The frightening thing is that these moronic ideologues drink their own kool-aid, and I think really believe that massive, MASSIVE tax increases coupled with massive, MASSIVE debt spending by borrowing and printing money while at the same time nationalizing everything in sight is going to actually work.
They believe that, which scares me worse than the fact that they are also simply power-hungry ideologues.
This is Anecdotal, but spoke with 2 friend yesterday. One, a book firm (kids etc) let 75% of the workforce go. Second, a friend called a friend about his company (retail support, fixtures) ZERO, orders for the 4th quarter.
The Obamaton's can talk a good game that things are bottoming out and getting better. I don't see it. IMHO the 3rd and 4th quarter this year are going to be unemployment and lack of growth rate blood baths. Add to this the ramifications of the Big 2's Chapter 11 and the job losses both to the supplier base and dealerships.
Former chief economist Dave Littman of Comerica probably is right that 10 to 12% unemployment is not out of the question.....
Ping for later reading...
It’s working fine.
The intention was never to repair the economy - rather, the intention was always to exacerbate existing problems, then exploit the social unrest thereby created to institute ever-harsher laws and policies to facilitate the Leftist revolution and ultimate Leftist takeover of the U.S.
A classic paradigm straight from the Communist playbook.
which assumes there is a plan ‘b’.
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Plan B involves bulldozers, trenches, machine guns, prison camps etc.
Former chief economist Dave Littman of Comerica probably is right that 10 to 12% unemployment is not out of the question.....
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In my screwball opinion it is already surpassed if we used honest accounting. Under Obama accounting every one of the officialy unemployed could be given a government job measuring methane emissions at cattle ranches and we would have an official unemployment rate of zero! Problems are easily solved in Wonderland.
1
In case you haven’t noticed, the Left has ALREADY taken over.
“Plan B involves bulldozers, trenches, machine guns, prison camps etc.”
I appreciate your skepticism, but must counter with ‘their’ lack of ability versus the ability of a few to disrupt them with the pursuit of facts.
Obama is not as clever as some of you give him credit for. His programs are not working and he is plum out of money. He can’t just deficit spend for his socialized medicine scheme. The Chicoms will not buy anymore of our debt, he can’t just print money and the VAT tax idea will lead to electoral disaster for him and his party in 2010 and 2012.Polls show people want this and that. But paying for it is another matter.
And wait'll they're finished with GM & Chrysler...
Within twelve to eighteen months, you are going to start to hear the term “reboot”. The situation with Congress and the President is similar to the abdication crisis of 1688-89 that led to the so-called “glorious revolution”.
Obama is a symptom. Both the Congress (especially the Congress) and the President regard their method of selection to exercise the limited powers we have granted them (i.e., they won an election) as a warrant to exercise the power “not only to tax, but to bind us in all cases whatsoever”, and such power cannot stand.
The authors of the Constitution created a (divided) sovereignty of limited powers. The current tenants of the offices which embody that sovereignty, through their actions, have in effect abdicated the offices to which they were elevated. It will not suffice to reply as James Stuart did, “no I did not abdicate! Only I can say whether I have or not!”
The sovereign will have the last word. The who, what, when, where, and how are unknown and unknowable at present. Things will have to get worse, much worse, before they get better.
The good news is that the usurpers now in power have made that worsening, and the outcome, inevitable.
and yet the market is climbing.
is this the administration/fed buying stock as they said they would?
CNBC had reportes the unemployment would surge to 13%
Banks I know are hiring people to deal with forclosures.
Law schools are filling up their bankruptcy classes with the newest crop of lawyers...
Huh? That's not how law school works. Bankruptcy is a single, sometimes 2nd but usually 3rd year, 3-hour course.
If you think the crowd currently in power is Leftist, just wait three years; by the time Obama’s first term is ended, we’ll be lucky if the nation is even to the right of Venezuela.
Bingo!
The Cloward-Piven strategy is, basically, to overpower the system with demands. One example is the way ACORN turns in thousands of new registered voters at the last minute so that the election officials can't possible verify them all before the election. It can be applied almost anywhere such as new SS disability claims, Medicare claims and fraud, food stamp applications, etc. Look for it especially in the new 2010 census that Obama intends to falsify to gerrymander and control future elections.
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