Tuesday, November 10, 2009

Stimulus Fail - Part 2

You have to read this post from the Foundry.

Here's a snippet:
"On November 6, the Bureau of Labor Statistics released their Employment Situation Summary showing that the nation’s unemployment rate had soared from 9.8% to 10.2% in October.... Jobs losses in October–190,000–were higher than expected. … The unemployment rate for males is 10.7 percent while the teenage unemployment rate is 27.6 percent. These are the highest levels of unemployment for these groups since the Great Depression.

The unemployment rate increased even as 31,000 potential workers left the labor force. The labor force participation rate has now fallen to 65.1 percent–the lowest since 1986. When people reenter the labor market to find work, the unemployment rate will further increase.

Despite this ongoing deterioration in the job market, the Obama Administration continues to argue that the $800 billion stimulus bill has improved the economy. On October 30, the Administration released data claiming that the stimulus has created or saved 640,000 jobs. These claims are mistaken, as demonstrated by the 2.8 million jobs that have been lost since the stimulus became law. The Administration’s figures greatly exaggerate the positive effect of the stimulus"

Plus they pretty much lied about the jobs created anyway.

So how's that "Hope and Change" working for ya?

"Maybe if Congress spends another $787 billion in the name of job creation, it can get the jobless rate up to 12% or 13%." - Andrew Beyon, of Scottsdale