Democrats worried about the lack of stimulus results? Not so much
Five months after Congress approved a massive package of spending and tax cuts aimed at reviving an ailing economy, the jobless rate is still climbing and the White House is scrambling to reassure an anxious public that President Obama's prescription for economic recovery is on the right track.
Yesterday, Obama took time out of his first presidential trip to Moscow to defend the $787 billion stimulus package, arguing that the measure was the right medicine at the right time. "There's nothing that we would have done differently," he told ABC News.
Back in Washington, senior Democrats on Capitol Hill were nervously contemplating whether additional government stimulus spending may be needed to pull the nation out of the worst recession since the 1930s. Senior administration officials acknowledged that the effects of the stimulus package have been overshadowed by an unexpectedly sharp drop-off in employment since the measure passed in February. But they reported that only about $100 billion has so far been spent and that as increasingly large sums flow out of Washington, the program is on pace to save or create 600,000 jobs over the next 100 days.
"It is clear from the data that there needs to be more fiscal stimulus in the second half of the year than there was in the first half of the year," White House economic adviser Lawrence H. Summers said. "Fortunately, the stimulus program designed by the president and passed by Congress provides exactly that."
Leading economists agree that the most powerful effects of the stimulus package have yet to be felt. But even if the measure lives up to Obama's expectations, it would barely offset the 433,000 jobs the nation lost last month alone, and the resulting employment would represent a drop in the bucket compared with the 6.5 million jobs lost since the recession began in December 2007.
"Just 130 days out on the adoption of a very, very major effort to get the economy moving, certainly I don't think we can make a determination as to whether or not that's been successful," House Majority Leader Steny H. Hoyer (D-Md.) said yesterday. But, he said, "I think we need to be open to whether or not we need additional action."
Republicans, meanwhile, pounced on news that the unemployment rate increased to 9.5 percent in June and accused the Democrats of sinking the nation deeper into debt to finance an economic recovery package that has failed to save American jobs. Noting that the Obama administration predicted earlier this year that stimulus spending would keep the unemployment rate under 8 percent, Rep. Eric Cantor (R-Va.), the No. 2 Republican in the House, said, "I think any objective measure would indicate there's a failure when you have a commitment of nearly $800 billion in taxpayer funds and you have the type of job loss we're experiencing."
Our side has a right to jump on the Democrats over this. Michelle Malkin has a piece up about the affects of the first Pork-A-Palooza and the fact that, despite what Larry Summers and Steny Hoyer say, the stimulus isn't doing it's job. The money was supposed to go for the private sector to "save" or "create" jobs. What ended up happening was that the money saved government jobs, which are union jobs.
Barry paid off his union buddies, and left the nation to rot in Hell.
Democrats should be worried, but they're not acting like it. In fact many of them are touting the need for another stimulus bill. See, $787 billion spent back in February just wasn't enough theft for the Democrats. They need to steal more from future generations. None of this is working. It's not saving or creating any jobs. A good deal of the money has disappeared, and the GAO report Michelle links to here states that the states that received stimulus funds used them to hide their budget deficits, and the GAO admits those funds are untraceable now.
The first stimulus was a joke and a scam. If anyone thinks that the second one will be any different, think again. Oh, and for those on the Left that would like to blame Republicans for this mess, you can't. Remember, we weren't invited to the party when the Democrats were crafting this crap sandwich. We were shut out. Your side owns this just like Barry owns the economy he's wrecked since taking office.