Filed under: Capitalism, Democrat Corruption, Domestic Policy, Economy, Election 2012, Liberalism | Tags: National Debt, Stimulus Failure, Unemployment
It was three years ago that Obama signed the much celebrated $787 billion Stimulus Bill into law. Friday was the anniversary. So after three years, how do the results stack up? (From Investors Business Daily)
Obama claimed it would “create or save” up to 3.5 million jobs, and unleash a “new wave of innovation, activity and construction across America.” The stimulus would, he promised “ignite spending by businesses and consumers” and bring “real and lasting change for generations to come.”
Unemployment rate February 2009: 8.3%. February 2012: 8.3% unchanged.
Long term unemployed: the number of workers unable to find a job in 27 months or more has shot up by 83%. They number now 5.5 million.
Size of the civilian labor force: Declined by 126,000. In past recoveries, the labor force climbed by an average of 3 million over the same time period.
Household income is about 7% below where it was in February 2009.
National debt: Up by 41% or $4.5 trillion since February 2009. The latest Treasury figures put the national debt at $15.4 trillion, larger than the entire U.S. economy.
The deficit for fiscal year 2009 was $1.4 trillion, the proposed deficit for 2012 is $1.3 trillion for the fourth year of trillion dollar deficits.
Over the past 3 years from Q1 2009 to Q4 2011, the Gross Domestic Product (GDP) has climbed only 6%, according to the Bureau of Economic analysis.
The original estimate for the Stimulus was $787 billion but the CBO says it has grown to $825 billion. The official name was HR1: American Recovery and Reinvestment Act of 2009.
Best measure: Obama’s latest budget request calls for another round of stimulus. He wants $350 billion over the next four years for “short-term measures for jobs growth”