MioMyo
2009-07-12 10:50:17 UTC
After bamby previously told Americans a pack of lies how his trillion dollar
stimulus was suppose to jolt the economy back and prevent further
unemployment from what was then approaching 8%, neither has resulted.
The truth is, however, both unemployment continues rising as the economy
continues deteriorating. Also less than 10% of the stimulus has yet to been
utilized with much of it targeted to take effect just in time before the
next two election cycles.
Now this naive charlatan of a president would have us believe his stimulus
has worked and that rising unemployment figures are actually a figment of
everyone's imagination........
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0StZd9y2rCY
Obama Says Economic Stimulus Plan Worked as Intended
July 11 (Bloomberg) -- President Barack Obama said his $787 billion stimulus
bill "has worked as intended" as he pushed back against Republican criticism
that his recovery program has failed to rescue the economy.
"It has already extended unemployment insurance and health insurance to
those who have lost their jobs in this recession," Obama, who is traveling
today in Ghana, said in his weekly Saturday radio and Web address. "It has
delivered $43 billion in tax relief to American working families and
business."
Obama spoke after stocks fell for a fourth week on concern that an economic
recovery will be delayed. A government report last week showed that
employers cut 467,000 jobs in June and the unemployment rate rose to 9.5
percent, the highest since 1983.
The weakening labor market is taking a toll on Obama's popularity. A survey
by Hamden, Connecticut-based Quinnipiac University released July 7 showed 49
percent of Ohio voters approved of Obama's job performance, down from 62
percent in a May 6 poll. The disapproval figure for Obama was 44 percent, up
from 31 percent in May.
Obama, in his speech, said the stimulus program is helping state governments
save jobs. Were it not for the program, the president said, "state deficits
would be nearly twice as large as they are now, resulting in tens of
thousands of additional layoffs -- layoffs that would affect police
officers, teachers, and firefighters."
Republican Response
In the weekly Republican response, House Minority Whip Eric Cantor of
Virginia said the stimulus bill was "full of pork- barrel spending,
government waste and massive borrowing cleverly called 'stimulus.'"
"The plain truth is that President Obama's economic decisions have not
produced jobs, have not produced prosperity, and have not worked," Cantor
said.
He said the Republicans want reductions in tax rates that he said would help
middle-class families.
In asking for public patience, Obama said the recovery act "wasn't designed
to restore the economy to full health on its own, but to provide the boost
necessary to stop the free fall."
Enacted in February, the bill "was designed to spur demand and get people
spending again and cushion those who had borne the brunt of the crisis," the
president said.
Obama said the measure "was not designed to work in four months -- it was
designed to work over two years."
The spending plan will "accelerate greatly" through the summer and autumn,
creating "thousands more infrastructure projects" that will lead to
additional jobs, he said.
'Right Direction'
"We're moving in the right direction," Obama said. "We must let it work the
way it's supposed to, with the understanding that in any recession,
unemployment tends to recover more slowly than other measures of economic
activity."
The Standard & Poor's 500 dropped 1.9 percent this week to 879.13, the
lowest level since May 1. The measure has now retreated 7.1 percent since
June 12. The Dow Jones Industrial Average fell 134.22 points, or 1.6
percent, to 8,146.52.
Sears Holdings Corp., the largest U.S. department-store chain based in
Hoffman Estates, Illinois, lost 8.2 percent after an index of consumer
confidence dropped more than forecast. Exxon Mobil Corp., the world's
biggest oil company based in Irving, Texas, slid 4.9 percent as crude
tumbled on concern the recession will keep sapping demand.
In a Bloomberg interview last month, the president said he expected
unemployment rates to exceed 10 percent.
In his radio address, Obama also renewed his commitment to comprehensive
health-care legislation that expands insurance coverage while cutting costs.
He also vowed to address long-term entitlement overhaul.
Earlier this week, Vice President Joe Biden also defended the Obama
administration's efforts to rebuild America's economy, while expressing
frustration with those who say progress is too slow.
"Remember, we're only 140 days into this deal," Biden said in a speech in
Cincinnati. "It's supposed to take 18 months."
stimulus was suppose to jolt the economy back and prevent further
unemployment from what was then approaching 8%, neither has resulted.
The truth is, however, both unemployment continues rising as the economy
continues deteriorating. Also less than 10% of the stimulus has yet to been
utilized with much of it targeted to take effect just in time before the
next two election cycles.
Now this naive charlatan of a president would have us believe his stimulus
has worked and that rising unemployment figures are actually a figment of
everyone's imagination........
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0StZd9y2rCY
Obama Says Economic Stimulus Plan Worked as Intended
July 11 (Bloomberg) -- President Barack Obama said his $787 billion stimulus
bill "has worked as intended" as he pushed back against Republican criticism
that his recovery program has failed to rescue the economy.
"It has already extended unemployment insurance and health insurance to
those who have lost their jobs in this recession," Obama, who is traveling
today in Ghana, said in his weekly Saturday radio and Web address. "It has
delivered $43 billion in tax relief to American working families and
business."
Obama spoke after stocks fell for a fourth week on concern that an economic
recovery will be delayed. A government report last week showed that
employers cut 467,000 jobs in June and the unemployment rate rose to 9.5
percent, the highest since 1983.
The weakening labor market is taking a toll on Obama's popularity. A survey
by Hamden, Connecticut-based Quinnipiac University released July 7 showed 49
percent of Ohio voters approved of Obama's job performance, down from 62
percent in a May 6 poll. The disapproval figure for Obama was 44 percent, up
from 31 percent in May.
Obama, in his speech, said the stimulus program is helping state governments
save jobs. Were it not for the program, the president said, "state deficits
would be nearly twice as large as they are now, resulting in tens of
thousands of additional layoffs -- layoffs that would affect police
officers, teachers, and firefighters."
Republican Response
In the weekly Republican response, House Minority Whip Eric Cantor of
Virginia said the stimulus bill was "full of pork- barrel spending,
government waste and massive borrowing cleverly called 'stimulus.'"
"The plain truth is that President Obama's economic decisions have not
produced jobs, have not produced prosperity, and have not worked," Cantor
said.
He said the Republicans want reductions in tax rates that he said would help
middle-class families.
In asking for public patience, Obama said the recovery act "wasn't designed
to restore the economy to full health on its own, but to provide the boost
necessary to stop the free fall."
Enacted in February, the bill "was designed to spur demand and get people
spending again and cushion those who had borne the brunt of the crisis," the
president said.
Obama said the measure "was not designed to work in four months -- it was
designed to work over two years."
The spending plan will "accelerate greatly" through the summer and autumn,
creating "thousands more infrastructure projects" that will lead to
additional jobs, he said.
'Right Direction'
"We're moving in the right direction," Obama said. "We must let it work the
way it's supposed to, with the understanding that in any recession,
unemployment tends to recover more slowly than other measures of economic
activity."
The Standard & Poor's 500 dropped 1.9 percent this week to 879.13, the
lowest level since May 1. The measure has now retreated 7.1 percent since
June 12. The Dow Jones Industrial Average fell 134.22 points, or 1.6
percent, to 8,146.52.
Sears Holdings Corp., the largest U.S. department-store chain based in
Hoffman Estates, Illinois, lost 8.2 percent after an index of consumer
confidence dropped more than forecast. Exxon Mobil Corp., the world's
biggest oil company based in Irving, Texas, slid 4.9 percent as crude
tumbled on concern the recession will keep sapping demand.
In a Bloomberg interview last month, the president said he expected
unemployment rates to exceed 10 percent.
In his radio address, Obama also renewed his commitment to comprehensive
health-care legislation that expands insurance coverage while cutting costs.
He also vowed to address long-term entitlement overhaul.
Earlier this week, Vice President Joe Biden also defended the Obama
administration's efforts to rebuild America's economy, while expressing
frustration with those who say progress is too slow.
"Remember, we're only 140 days into this deal," Biden said in a speech in
Cincinnati. "It's supposed to take 18 months."