Federal Reserve Governor Alan Greenspan today reminded America once more of the failure of the Obama Administration’s handling of the economy:
“The Federal Reserve’s massive stimulus program had little impact on the U.S. economy besides weakening the dollar and helping U.S. exports, Federal Reserve Governor Alan Greenspan told CNBC Thursday.” (Margo D. Beller, “Fed’s Massive Stimulus Had Little Impact: Greenspan,” CNBC, 6/30/11)
“In a blunt critique of his successor, Fed Chairman Ben Bernanke, Greenspan said the $2 trillion in quantative easing over the past two years had done little to loosen credit and boost the economy.” (Margo D. Beller, “Fed’s Massive Stimulus Had Little Impact: Greenspan,” CNBC, 6/30/11)
Last Thursday, you may recall I posted a story highlighting the ancient water pipes that run under our streets and neighborhoods, how it will cost a fortune to fix and how the stimulus wasted billions.
Well, lots of folks in the DC Metro area found out the hard way just how bad some of the water infrastructure is as they were driving, or attempting to drive, into work today.
“A large water main break closed the Capital Beltway's inner loop at Route 214 (Central Avenue) in Prince George's County early Monday, creating a major problem for the rush-hour commute.” (Debbi Wilgoren, “Water Main Break Closes Part Of Beltway,” The Washington Post, 1/24/11)
CNN had an interesting segment on yesterday about “America’s crumbling water infrastructure.” Bottom line, a water main breaks every two minutes somewhere in the U.S., totaling 300,000 each year. Why is the water infrastructure so bad? Most of the nation’s water infrastructure was built following World War II. In our nation’s Capitol, the “average pipes are 77 years old.” So what will it cost to fix this mess?
$250 Billion Over The Next Three Decades. “The American Water Works Association estimated that the cost to repair and replace the country’s drinking water infrastructure over the next three decades will exceed $250 billion.” (Alison Kosik, “America’s Crumbling Water Infrastructure,” CNN, 1/19/11)
In February 2009, on a party line vote, Democrats passed that massive boondoggle of a so-called stimulus bill. You know the one I’m talking about? It’s the one that Vice President Joe Biden said would keep unemployment from peaking at higher than 7% with the stimulus and would shoot to 8.8% without it.
“As Figure 1 shows, even with the large prototypical package, the unemployment rate in 2010Q4 is predicted to be approximately 7.0%, which is well below the approximately 8.8% that would result in the absence of a plan.” (Christina Romer and Jared Bernstein, “The Job Impact Of The American Recovery And Reinvestment Plan,” Office of the Vice President Elect Joe Biden, 1/9/09)
A while back we noted that when it comes to budget deficits and national debt, Democrats are part of the problem, not the solution. So with that mind, it was with great interest to read Walter Alarkon’s piece in The Hill yesterday about President Barack Obama looking to ask Congress for a “tool similar to a line-item veto that would let him single out new spending cuts.”
First of all, it’s laughable that President Obama says with a straight face that he wants to do something about runaway deficits and soaring national debt. Seriously, how can anyone take Obama and Democrats seriously after spending nearly $1 trillion on that boondoggle of a stimulus, the $410 billion omnibus spending package, a $3.5 trillion budget and the trillion-plus dollar takeover of healthcare (all on partisan line votes mind you)?
Even though the economy added jobs in April, the unemployment rate increased from 9.7% to 9.9%.
“The American Economy Added 290,000 Jobs In April, Which Was Much Better Than Expected Despite Temporary Hiring For The 2010 U.S. Census.” (Jeffry Bartash, “290,000 Jobs Created In April; Jobless Rate 9.9%,” Market Watch, 5/7/10)
“Excluding Census Workers, 224,000 Nonfarm Jobs Were Created. . .” (Jeffry Bartash, “290,000 Jobs Created In April; Jobless Rate 9.9%,” Market Watch, 5/7/10)
“. . . The Unemployment Rate Edging Up To 9.9% From 9.7%.” (Jeffry Bartash, “290,000 Jobs Created In April; Jobless Rate 9.9%,” Market Watch, 5/7/10)
Mike Allen over at Politico reported this morning that Democrat Committee Chairman Tim Kaine is “billing” the Democrat Party as the Party that gets results. Allen excerpts from Kaine’s prepared remarks, highlighting the “results” Kaine is championing. Among those “results:”
The Associated Press is reporting that President Obama’s signature initiative to “stimulate” the economy has had no effect “on local unemployment rates.”
Unemployment Unchanged Regardless Of How Much Money Was Spent. “An Associated Press analysis of stimulus spending found that it didn't matter if a lot of money was spent on highways or none at all: Local unemployment rates rose and fell regardless. And the stimulus spending only barely helped the beleaguered construction industry, the analysis showed.” (Matt Apuzzo and Brett J. Blackledge, “Stimulus Cash Doesn’t Create Local Jobs,” The Associated Press, 1/12/10)
Obama and the Democrats want a second stimulus package. Doesn’t sound like a good idea to print money we don’t have if it doesn't work does it?
Despite the $787 billion so-called economic stimulus package passed by Democrats at the behest of President Barack Obama, the labor market continues to bleed. “Nonfarm payrolls fell by a seasonally adjusted 85,000 in December following a revised 4,000 gain in November.” (Rex Nutting, “U.S. Dec. Nonfarm Payrolls Drop By 85,000,” The Wall Street Journal’s Market Watch, 1/8/10)
“The Official Unemployment Rate Remained At 10% In December.” (Rex Nutting, “U.S. Dec. Nonfarm Payrolls Drop By 85,000,” The Wall Street Journal’s Market Watch, 1/8/10)
Real Unemployment Rose To 17.3%. “An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17.3% from 17.2%.” (Rex Nutting, “U.S. Dec. Nonfarm Payrolls Drop By 85,000,” The Wall Street Journal’s Market Watch, 1/8/10)
In a startling, last-ditch effort to save ObamaCare, President Barack Obama said that if the health care reform measures consuming Congress doesn’t pass – wait for it – the government will go bankrupt.
“President Obama Told ABC News’ Charles Gibson In An Interview That If Congress Does Not Pass Health Care Legislation That Will Bring Down Costs, The Federal Government ‘Will Go Bankrupt.’” (Karen Travers, “President Obama: Federal Government 'Will Go Bankrupt' If Health Care Costs Are Not Reigned In,” ABC News’ The World Newser, 12/16/09)