One report says unemployment in Detroit is near 50%.
That’s difficult to even comprehend.
And yet, with half of their workers unemployed, it seems even they don’t want anything to do with another stimulus package.
Having failed to create the promised jobs with the first $787 billion stimulus package, congressional Democrats want another $174 billion to spend pretty much the same way.
The dubiously named “Jobs for Main Street Act” would grab the bailout money repaid by banks and use it to bail out states and fund a variety of social programs that would create very few direct jobs.
Blame that on the inability of businesses to get loans thanks, in part, to a credit market that remains extremely cautious because of Congress’ regulatory frenzy and uncertainty over future tax rates.
Taking the federal government deeper into deficit to finance another round of reckless spending will not ease credit or boost confidence.
Not exactly the kind of p.r. the President needs, eh?