Did you hear Obama gave a speech last night? If you didn’t here is the summary…Infrastructure spending, bailouts to states to save government jobs, bailouts for mortgages, job training, unspecified regulatory reform, and some small tax credits for businesses and individuals.
It should. Its the 2009 Recovery Act Part II and not once did he acknowledge what a total and complete failure that was.
In 2009, President Obama promised that the American Recovery and Reinvestment Act (ARRA) would “create or save” 3.5 million jobs over the next two years and that the unemployment rate would not rise above 8.5 percent. Rather, he said that, by the end of 2010, unemployment would have dropped to 7.25 percent. Furthermore, White House economists forecast that without ARRA spending, the unemployment rate would increase from 7 percent to 8.8 percent. Unfortunately, the administration’s estimates were wrong by a vast margin.
This week, Mercatus Center Senior Research Fellow Veronique de Rugy compares unemployment estimates from the president’s 2010 Budget—which contains the original proposed estimates for the impact of the stimulus on unemployment—with actual unemployment rates from the Bureau of Labor Statistics.
While the cost of ARRA has risen to $840 billion—from the original $787 billion signed in 2009—the data reveal no marked improvement in employment as stimulus spending has increased. The large disparity between what the president promised and of the current unemployment levels contradicts the original claims about ARRA’s ability to improve unemployment conditions.
It failed so miserably so why not try it again eh?
“basically the [same ideas] I’ve been advocating for months.”
So the class warfare remains, tax hikes on business owners remain, bailouts remain….all to be paid for by a plan he will come up with later. Come on.
The whole tone of the speech was entirely political. It was an election speech and the country is tired of his speeches in which he ORDERS Washington to either pass it or he will tell Mommy and Daddy (the American people) and force them to accept it.
President Obama’s call for nearly a half-trillion dollars in more government stimulus when America has more than $14 trillion in debt is guided by his mistaken belief that we can spend our way to prosperity.
Like the president’s earlier $800 billion stimulus program, this proposal offers little hope for millions of Americans who have lost jobs on his watch, and taxpayers who are rightly concerned that their children will inherit a mountain of debt.
America needs jobs, smaller government, less spending and a president with the courage to offer more than yet another speech.
We waited 30 months for this?
Given all that, some of his ideas such as tax credits are good and Republicans will pass the good ideas while keeping those horrible ideas, that didn’t work two years ago and won’t work now, on the shelf. They will not be ordered around as if the man was King.
GOP leaders are planning to pick the most passable items out of the bill — trade agreements, small business relief measures, revamped unemployment insurance — and pass them separately.
“This is my objection to the message that was delivered tonight,” House Majority Leader Eric Cantor (R-Va.) told reporters in the Capitol after the speech. “The message was: either accept my package as it is, or I will take it to the American people. I would say that that’s the wrong approach. What we’re here to do is try to transcend differences, not let them get in the way in the areas we can make progress on.”
Cantor added that “as majority leader, I certainly would like to see us be able to peel off some of these ideas, put them on the floor, vote them across the floor and get the senate to join with us so we can actually get something to the president and make some progress as quickly as possible.”
At least there are still some adults in the room.