Posted on 09/08/2009 9:14:28 AM PDT by Rufus2007
It's clear that President Barack Obama's $787-billion stimulus hasn't worked as advertised, but some economists are worried it could backfire and cause something much worse.
According to a new study by economists Charles Rowley of George Mason University and Nathanael Smith of the Locke Institute and endorsed by Nobel laureate James Buchanan, the Keynesian tactics employed by Obama "will ultimately hamper the long-term growth potential of the U.S. economy and may risk delaying full economic recovery by several years." The study accuses the president of making Depression-era mistakes.
Stephen Moore, member of the Wall Street Journal editorial board and senior economics writer, explained the study on Fox News "On the Record" Sept. 7 and said that the stimulus certainly hasn't lived up to its billing.
...more (w/video)...
(Excerpt) Read more at newsbusters.org ...
They will just switch it around and it will become the George Bush stimulus package. Problem is GWB had very little to do with how it was spent.
The theory of Keynsian debt stimulus is that you jumpstart economy so you can raise taxes and remove the debt (this either never happens, or never works.) But if you run up big debts and get little or no recovery, you are screwed.
Be assured, it is none of the so-called ‘expert economist’ in the Barry White House or those that back Barry that are espousing this.....
OBAMAVILLE
Gett’n a head fake,
watchin’ msn’s take;
All of their pundits oozing foul oil.
Clean’n my six gun on my front porch swing.
Felling my blood—
It’s beginnin’ to boil.
Wasted away again in Obamaville,
Searchin’ for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know it’s Obama’s fault.
There’s no rhyme or reason,
They are all commitin’ treason
With nothing to show but a brand new tax or two.
But they are real beauties,
Despotic duties,
how they got passed I haven’t a clue.
Wasted away again in Obamaville,
Searchin’ for a job so I can earn my salt.
Some people claim that it’s Bush we should blame,
Now I think,— hell with them it’s Obama’s fault.
I blew out my flip flop,
Stepped on a pop top;
Cut my heel, but I just cruise on back home.
Because no medical care will the doctors render
They say there’s little service I can tender
And there’s no need for me to hang on.
Wasted away again in Obamaville
Searchin’ for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know, it’s my own damn fault.
Yes, and some people claim that Bush is to blame,
And I know because of my vote it’s my own damn fault
A weird choice of economic rescue, then. Unless they want us to revisit the Depression Era.
Hyper-Inflation or Poverty Making Inflation is on the way. Be Prepared.
Watching Fox, Carl Cameron is on saying that the nuke option is still on the table for the dems.
According to the Sunday talking heads, only about 10% of the $787 billion has actually been realeased. Since that is over a 7 month period, the ratio would indicate it will take 70 or more months to get all that money into the economy stream.
That is well over the 4 years that NObama might be in office.
This whole thing is now and always has been a smoke and mirrors game against the American taxpayer.
NObama is lying every time he opens his mouth.
Keyes worshiper Paul Krugman of The New York Times gave himself an out by upfront stating the stimulus was too small and needed to be few trillion of spending. As near as I can tell he thinks the inflation from all that government spending sets off the private economy like a race(pretty bad idea if you are the ones unemployed) , if he even really cares about private job creation at all.
I think Obama thought the economy would fix itself and hed get credit, like Clinton in 1992 and so the Pelosi bill was just democrat payoff(democrats think everything he has done has worked so far.) . But this crash was much worse than 1992 and was not going to fix itself as easily (with time it would correctly fix itself for the long term.) .
Well duh.
On April 28, 2009, the U.S. Department of Agricultural signed contract number AG3J141202971961 with Clougherty Packing, LLC of Los Angeles in the amount of $1,191,200 to purchase 760,000 pounds of frozen sliced ham (in 2 pound packages) to be distributed to local organizations that assist the needy such as food banks, food pantries, and soup kitchens. This works out $1.567 per pound. On the day that the widely read web site Drudgreport.com made note of this contract, that source documented similar products selling for 79 cents a pound at Food Lion supermarket.
The Secretary of Agriculture's own press release defending the contract ended by highlighting what he thought was most important aspect of it: While the principal purpose of these expenditures is to provide food to those hardest hit by these tough times, the purchases also provide a modest economic benefit of benefiting Americans working at food retailers, manufacturers and transportation companies as well as the farmers and ranchers who produce our food supply." No mention of how much wealth was destroyed in the process of using government to provide a “modest economic benefit” to so many Americans.
Keynes would be appalled ... indeed he was, before his death.
Yes, it presupposes that you are frugal during prosperous years, and run up surpluses. Then you can cut taxes during recessions and run deficits.
Surpluses! Ha! Ha! Ha!
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