So how did the Obama stimulus do?

The Republicans in House have put this fact sheet together on how the stimulus worked.

(1) The unemployment rate is far higher than Administration officials predicted it would be if their stimulus plan passed, leading to at least 3.7 million more unemployed people;
(2) There are now 6.8 million fewer jobs than the Administration predicted there would be if their stimulus plan passed;
(3) A total of 47 out of 50 States have lost jobs since Democrats’ February 2009 stimulus;
(4) Instead of creating millions of private sector jobs as promised, key industries have lost millions of jobs since Democrats’ stimulus. Overall, the private sector has shed 1.8 million jobs, including over 1.5 million jobs lost in construction and manufacturing alone;
(5) Instead of the current official unemployment rate of 9.4 percent, the unemployment rate would be 11.3 percent if it included all the “invisible unemployed” -- American workers who have simply given up looking for work or didn’t even bother to try to enter the labor market; and
(6) The staggering 70 percent combined rise in debt and unemployment during President Obama’s term has created an enormous “Obama Misery Index.”

The now Republican controlled Ways & Means Committee is proposing:

Streamline the tax code, pass pending free-trade agreements so American companies can easily sell goods overseas, repeal and replace Obamacare with reforms that actually lower insurance costs, and get spending under control so the national debt doesn't threaten the economy. . . .

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Blogger Unknown said...

There is an interesting debate in the blogosphere exploring the reasons for the persistent high unemployment rates in the US and elsewhere. Conservatives lay the blame on the structural skills mismatch and argue that this cannot be resolved through any stimulus spending measures. Liberals claim that the massive slump in aggregate demand from the boom, means that there are massive idling resources which can be brought to work with an appropriately structured stimulus program.

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