Research

23

Dec

If This Is Rescuing The Economy, Count Us Out

Posted by: Matthew Moon

5 Comments5 Comments

In an interview with The Washington Post, Obama said that in his first year in office he “rescued the economy and placed it on a path of long-term growth.”  Looking back at the job losses each month leaves us wondering when exactly he rescued the economy: Since Obama’s Stimulus plan passed in February over 2.8 Million Americans have lost their jobs and unemployment is currently at 10 percent.

To make matters worse, more job losses are expected in the coming months. Treasury Secretary Tim Geithner said recently that we will see more job losses in December and we won’t see any growth until spring.  The Federal Reserve has also said that unemployment will remain high through 2012.  Mike Allen of Politico reports today in the “Playbook” that the White House:

[I]s going to make a very hard pivot to jobs in the run-up to the State of the Union.  You'll see an intense focus on the economy and jobs from this White House in the beginning of 2010.

If the above job losses are any indication of what constitutes Obama rescuing the economy, we’re afraid to see what happens when he makes “a very hard pivot to jobs.”

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5 comments5 Comments

Posted by Bernard Gilroy on 2009-12-30T12:18:06.19

I totally agree. After all, it's simply irrelevant that the economy inherited by the President was bleeding jobs at a rate unseen in 70 years, after his predecessor managed to follow a decade of strong growth with a decade of retrenchment, turning surpluses into deficits while squeezing the middle class and giving away trillions to the uber-rich. And it doesn't really matter that many private forecasters believe that the economy would be in far more dire straits absent the stimulus (http://voices.washingtonpost.com/ezra-klein/2009/11/charts_and_graphs_that_will_fi_2.html), including shedding perhaps an additional 2% of jobs if the money -hadn't- beeen spent. What really counts is ideological purity, not pesky things like facts or reality. After all, if you stay pegged to reality, you might -never- get the chance to turn a national tragedy into carte blanche to launch your own war of choice against a nation completely unaffiliated with the attackers, while ignoring the fact that 15 out of 19 of them came from the Middle Eastern country that you and your daddy were so close to. And what would even -be- the point of being in power if you can't shred two hundred years of judicial philosophy to pursue your own mean ends?

Posted by Dave Racicot on 2009-12-28T08:26:41.893

The President took care of Wall Street before Main Street that is why we are having such a tough improving unemployment. You have to give Goldman Sachs credit they have the Secy of Treasury wrapped around their fingers. Goldman takes taxpayer money, was made whole on AIG policy, pay RECORD bonuses which are bigger then the SBA has done to help ignite jobs and the whole time our President is saying again he is OUTRAGED! Given this is the 2nd year in a row the President was OUTRAGED, I bet we will here the same speech next year. Where is Treasury, besides making sure that there is enough money at the NY Fed so Goldman can cash their checks? Where is the SEC? Anybody following up on this Great job bringing Change to Government, Mr President, from the backs of Main Street and the 10% of our country unemployed you made sure the bankers luxury lifestyles grew in scale beyond compare. Go figure it took a Democrat President and Congress to lavish the greatest riches ever on Wall Street.

Posted by patsy tinney on 2009-12-26T14:19:32.787

I believe that all the positive hulla balou that the liberals are spewing about the health care reform bill is all garbage. None of them knows all of what is in the bill. I am sure there are a few good ideas in it but at what cost? Right now our country is in a real mess and we can blame past administrations for sure but the Obama admin. is the one elected to get us out and so far it looks like they don't have a clue about what they are doing. They are taking us down a road to destruction. And from all indications it appears that that is what they want. I think some of the liberal congress is simply living in a make believe world and can't see the forest for the trees. (The blind leading the blind.) I am not a highly educated person but i can see these people don't understand anything about common sense. Why can't we just use some old fashioned common sense to fix our problems. GOD help us.... pkt, Texas

Posted by Joe Spires on 2009-12-25T12:51:45.99

I don't believe President Obama or his Progressive Liberal legislature have any intention of rescuing the economy. Marxist believe that the only way to change an existing order is to destroy the existing order. Transformation can only occur when capitalism (oppressive property rights), customs and traditions (family, marriage, patriotism), individualism (greed), and religion (Judeao Christian beliefs)have been completely destroyed. You are witnessing change, not reform, and transformation, not unification.

Posted by theresa romero on 2009-12-23T19:19:40.1

its a scary thought! how close is it to us going into a depression? obama needs to wake up. loss of jobs! people getting foreclosed on! why can't he see what he's doing to this country? or does he see it and chooses to ignore it!!!! and he was given the nobel peace prize!!!LOL.what's this world coming to?????i'm scared for my parents who will be needing medicare soon. what about us??? what's it going to be like for us in 25 years? we need some help...and fast!!!!

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