Updating Unemployment and Failed Stimulus Spending with Assistance from Joe Biden
The following comments are in reference to the $787 billion economic stimulus package.
“We know some of this money is going to be wasted”
“There are going to be mistakes made”
“Some people are being scammed already"
Vice President Joe Biden, June 2, 2009
The unemployment rate chart below has been updated for the May 2009 figure of 9.4%.
It was asserted that if the Stimulus Spending Bill was passed it would create or save 3 to 4 million jobs, and that unemployment would peak at 7.9% and rapidly fall to 7.0% by the end of 2010.
Based on the stated justification for the economic stimulus package and the goals it was specifically intended to achieve, VP Biden’s quotes may be revised with more specificity.
“All of this money is going to be wasted”
“It was a mistake to pass the Stimulus Bill”
“The American people are being scammed”
TheAMD.com, June 5, 2009
As the economy worsens foolish, self-serving politicians will propose more stimulus precisely because previous stimulus spending efforts have failed. The flawed logic, dire financial implications and comedic value of such wasteful proposals will be lost on them. Hopefully the reality of irrefutable unemployment data and the disproven assertions of these politicians will not be lost on the American people.
Categories: Government Action is Counter Productive,Definitive Charts,Blind Leading the Blind,Stimulus Spending Fraud,Focus on Unemployment
Common sense dictates that when the private sector shrinks, the public sector MUST shrink too. Why? Simply because the ALL funding for the public sector comes from the private sector via taxation. This point is lost on politicians who are powerless with the absence of their ability to spend. It also underscores the fact that govt IS a vehicle of wealth distribution.
When are the masses going to learn that there is no free lunch? As a nation, we have leveraged our future to enjoy today and there is a price to pay for poor decisions. Nothing substantial will happen economically until all this massive debt is reconciled via payoff, rollover and or default.
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