Posted on 09/07/2009 10:43:46 AM PDT by Son House
"We continue to lose manufacturing jobs, government jobs, retail jobs, financial services jobs. The economy continues to contract," Peter Morici, an economist at the University of Maryland
More than 2.3 million Americans have lost their jobs since the stimulus went into effect, and that's a big chunk of the 6.9 million jobs that have been lost since the recession started last year.
Many economists believe unemployment is a lagging indicator during a recession and is often the last part of the economy to recover.
Vice President Joe Biden said last week the stimulus is working better than the administration had hoped, and federal money is being filtered down to states for construction and other projects and while things haven't improved fully, the economy is improving.
Biden said in a speech at the Brookings Institution, Sept. 3.
"The Recovery Act is, in fact, working. Don't just take my word for it. Analysts from Moody's to IHS Global Insight, [an economic forecasting company] to the Economic Policy Institute and others all estimate the Recovery Act has created or saved between 500,000 to 750,000 jobs. As a matter of fact, some notable economists suggest the number is as high as a million," Biden added.
"I find it very difficult to believe that 750,000 jobs have been created by stimulus money that's mostly gone unspent," Morici said. "If 750,000 jobs were created, say, in the last 2-3 months, we would see it in the employment statistics. There would be an appreciable movement in places like construction and state and local government employment. ... It's an absolute fantasy that 750,000 jobs have been created."
Morici, a critic of Obama's economic policies, said the stimulus will only provide a temporary fix and that the economy will tank once all the money has been spent.
(Excerpt) Read more at abcnews.go.com ...
The title of the story makes no sense. Typical “journalism” students. The Stimulus was a payoff to those who got Obama elected. No real jobs will be created.
But, but the LSoS Messiah just stated during his labor day speech that manufacturing jobs are on the increase!
He is talking to the Unions as we write. He has basically told them that business is the bad guy and the Unions are the good guys. Business should totally turn agains this guy.
Obama's bible...."Fractured Fairy Tails".
“Many economists believe unemployment is a lagging indicator during a recession and is often the last part of the economy to recover.”
This can be debated in an inventory-driven recession.
In a credit-driven recession, unemployment is not a lagging indicator, it is a driving indicator.
As unemployment continues and increases, there will be more defaults on mortgages, big-ticket items, etc. That will cause more banks to fail, which will contract lending further, which will cause increased unemployment.
ONCE AGAIN, JOHN MAYNARD KEYNES IS PROVEN TO BE ONE OF THE BIGGEST DUNCES OF THE 20TH CENTURY.
AND, ONCE AGAIN, LIBERALS THINK THEY ARE MORE INTELLIGENT THAN NON-LIBERALS BY CONTINUING TO BELIEVE IN THE THEORIES OF ONE OF THEIR DUNCES.
But even Keynes had enough of a pulse to tell FDR NOT to try economic REFORM while trying to implement economic RECOVERY.
THE CURRENT IDIOT-LIBERALS DO NOT EVEN SHOW THIS MUCH PROOF OF A PULSE.
Despite stimulus?
He basically called "free enterprise" the bad apple!
Zerobama is presiding over the worst economy since the Great Depression.
Porkulus spending will never create jobs. It wasn’t intended to.
You sound like you’re mouthing a cliche, but you’re right - FIVE straight quarters of a negative GDP so far . . .
What kind of headline is this....wow.
Yep, Tax Cheat Tim Giethner(Keynesian) is providing all the liquidity for folks that ain’t buying
Bagdad Bob lives on in the Obalmy administration.
6.9 million jobs that have been lost since the recession started last year.
^
That would also mean;
6.9++ million jobs that have been lost since Democrat gained a majority in Congress, 2006
In a free press...
Money created by fiat (e.g., printing up new currency)—this creates new money, but does not create new wealth, and also devalues the pre- existing money supply
.
Yep, for all this Administration is doing, they are miserable, amateur, socialist, failures, predictably.
yes. and now they’re making noise about a “jobless recovery” when there’s no recovery at all so far. I think much of this was caused by the hike in minimum wage.
Next will be the “Business-Less Economy”
Biden: “all estimate the Recovery Act has created or saved between 500,000 to 750,000 jobs.”
Frantzie: “No real jobs will be created.”
++++++++++++++
Exactly. Think about a government job for a moment. By its nature, it’s either temporary, or if not temporary, it’s being propped up by other wealth creating activities in the private sector (taxes.)
Now one might make an argument that government, or even federal government, has a role in the creation of roads, bridges, dams and infrastructure - or public goods that are too large for a private enterprise to undertake or oversee (so you could certainly make some kind of an argument for some kind of federal oversight for these kind of infrastructure projects.)
But other than a few specific cases (the military jobs are other productive jobs) - government jobs are often ineffecient, temporary, non-wealth producing, or some combination therein.
Government should be limited and getting out of the way of American ingenuity.
Hearing Joe Biden get all tingly up the leg about 500,000 government jobs - is just not something I celebrate.
Talk to us again, when you’ve freed the private sector to create 6 to 10 million jobs and put a major dent in this stupid UR.
Again, they prove, they don’t care (or probably don’t even know) what they’re doing and they think they can just pull the wool over most people’s eyes.
ENOUGH!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.