Going back several months, I’ve been calling the federal stimulus a failure, and pushing others to do the same. Obviously, its failure isn’t much of a surprise to those that have any basic understanding of economics and know that Keynes was an idiot.
The RNC recently produced a substantive resource highlighting many of the deficiencies and ridiculous claims from the Obama Administration regarding this boondoggle of government misspending.
A couple highlights:
CLAIM #3: Obama Said Over 600,000 Jobs Would Be Created In Second Hundred Days Of Stimulus. “As a result of this accelerated pace of activity, over 600,000 jobs are expected to be created or saved by the Recovery Act in the second 100 days…” ‖ (The White House, ―President Obama And Vice President Biden Announce Roadmap To Recovery,‖ Press Release, 6/08/09)
REALITY: During Second Hundred Days, Over 700,000 Jobs Have Been Lost. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 8/19/09)
CLAIM #7: Obama Promised Stimulus Money Would Go Out The Door Immediately.
“And that is why I hope to sign an American Recovery and Reinvestment Plan into law in the next few weeks. Most of the money we‘re investing as part of this plan will get out the door immediately and go directly to job-creation, generating or saving three to four million new jobs.” ‖ (President Barack Obama, ―Remarks of President Barack Obama On The Economy,‖ Washington, DC, 1/28/09)
REALITY: In Five Months Following Signing Of Stimulus Bill, Just 10 Percent Of Money Was Spent. Nearly five months after President Obama signed the $787 billion stimulus bill, a still-worsening economy has many wondering if stimulus is a bunch of baloney. … With August quickly approaching, roughly $75 billion, or 10% of stimulus funds, have been paid out, and the unemployment rate has already risen to 9.5%.‖ (David Goldman, ―Stimulus: Progress Or Broken Promise?‖ CNN, 7/7/09)