Friday, July 03, 2009

Obamanomics Suck

See Wall Street Journal Editorial Friday, July 03, 2009 at
■ “the loss of 467,000 jobs for the month [of May 2009] is one more sign that the economy still hasn't hit bottom
■ “If the ‘stimulus’ were working as advertised, it ought to be very strong. Washington has thrown trillions of dollars at this recession, including that famous $787 billion in more spending that was supposed to yield $1.50 in growth for every $1 spent. This followed the $168 billion or so stimulus that George W. Bush and Nancy Pelosi promised in February 2008 would prevent a recession. The jobless rate that month was 4.8%.”
■ “With manufacturing on its back, enacting a new energy tax to drive more jobs offshore is crazy even on Keynesian grounds.”
■ “it's worth recalling that Mr. Obama's economists predicted late last year that the stimulus would keep the jobless rate from exceeding 8%. That was a percentage point and a half ago. It's far more likely that the economy would have been better off without the spending, and the higher taxes and debt financing that it implies.”
■ “As always, a sustained expansion and job creation must come from private investment and risk-taking. Yet as America's entrepreneurs look at Washington they see uncertainty and higher costs”



Post a Comment

<< Home