New Evidence That The Obama Stimulus Was a Bust

powerline ^ | 8/22/10 | paul

[Nachum]

The debate in the popular press and on blogs about the efficacy of the 2009 stimulus bill generally has been superficial on both sides. Those who tout the bill point to a study by liberal economists Alan Blinder and Mark Zandi purporting to show that the fiscal stimulus enacted under Presidents Bush and Obama lowered the unemployment rate by approximately 1.5 percentage points. However, as Lawrence Lindsey points out in the Weekly Standard, this study assumed that the recent stimulus has been roughly as effective, dollar for dollar, as past programs. It then multiplied past measures of job creation by the number of dollars spent this time around.

[PMAS]

Hold on everybody, half of the stimulus hasn’t been spent yet — it’s the other half will create jobs and restore the economy. /s

[eaglestar]

The money went to bankers, Unions and public schools. That’s why the stimulus did not work because it was not intended to stimulate. But even that hasn’t helped Obama and the Democrats because the common street liberal got the shaft.

[Arthur Wildfire! March]

Small Investors Flee Stock Market, Pull $33B From Mutual Funds...
http://www.nytimes.com/2010/08/22/business/22invest.html?_r=1&hp

[ronnie raygun]

The unspent rest of the stimulous will be used as handouts to thier voter base.

[ronnie raygun]

The unspent rest of the stimulous will be used as handouts to thier voter base.

[PMAS]

Pretty much the same as the first half

[Retired Geek]

Barack Obama where are the jobs? Department of Labor announced that initial jobless claims hit 500,000 last week, the highest level in 2010 and highest since last November. In the week ending Aug. 14, the advance figure for seasonally adjusted initial claims was 500,000, an increase of 12,000 from the previous week’s revised figure of 488,000. The 4-week moving average was 482,500, an increase of 8,000 from the previous week’s revised average of 474,500. The Policies of Barack Obama continues to destroy jobs.

[Mad_Tom_Rackham]

So, a raid on the Treasury for a political payoff for unions and governmnt employees didn’t “stimulate” the economy. Shocking.

[taildragger]

They have no home mortgage deduction, no Freddie and Fannie , and are net energy exporters...and I think they have a balanced budget. Now if The Bamster had made some moves in these arena's where would we be.

And oh yes, they are getting sick of their socialized medicine and are taking baby steps to get it back to free market principles.

[Southack]

Debt is deflationary. If you want to kill an economy, then borrow more money.

[blam]

Fund Flows Show An Enormous Panic

[skr]

But now we owe principal and interest for it all. If we hadn’t borrowed the money, I suspect the whole world would be better off. Typical FDR thinking on the part of the Democrats.

[Chode]

and America takes another one in the........
rlmorel

[rdl6989]

As if any more proof is needed.

[Salvation]

Did people ever get the $250.00 they were supposed to get since Obama didn’t raise Social Security?

Just curious.

[Nachum]

I believe that the $250 bribe from the administration to seniors will be happening soon. It doesn’t go into effect yet.

N

[SunkenCiv]

Thanks Nachum. Shouldn’t that be “Evidence that Wrongly or Incorrectly Shows that President Obama’s Stimulus Package Was a Miserable Failure”?

[Lazamataz]

LOL

[KTM rider]

the unions and fed employees didnt get much, the "stimulus" funded a run on the banks by foriegn investors cashing in. The construction trade union i am in is pissed and hates Obama because no money went to stimulate infrastructure, 90% of the local's members are still out of work (about 10,000).

even the unions hate obama but like us with the republican party, it's all we got

[Pining_4_TX]

blam, since you seem to be the economics guru here at FR, I wonder if you have heard of or read the book The Rational Optimist?