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Thread: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

  1. #441
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by Conservative View Post
    Democrats controlled Congress since January 2007 and are just as responsible as Bush for the mess we are in today and now with the WH and the Congress are totally responsible for the mess we still have today.
    The housing bubble, financial crisis that followed after it had burst, and severe recessions that developed were more than merely a consequence of bad public policy (tax incentives for real estate, financial deregulation/lack of robust enforcement of regulations, cheerleading housing, etc.). Needless to say, the policy decisions that contributed were bipartisan and some of them predated President Bush's tenure. At the same time, the bubble was not solely a matter of public policy. International capital flows, technological change, financial market innovation, a household borrowing binge, bad risk management in the financial sector, inherent flaws in the ratings procedures, "new age" economic thinking that overlooked the reality that markets are not always efficient and their participants are not always rational, were among other factors made the bubble possible. As a result, a credit boom coupled with a mania to make possible the enormous housing bubble.

    There is no question that a stimulus was needed but not what Obama jammed through the Congress as emergency legislation.
    The stimulus bill was imperfect. A sizable share of the stimulus ie., its tax provisions, enhanced Medicaid funding, etc., were political elements aimed at garnering sufficient support for the legislation. They were not designed to shore up/increase aggregate demand.

    Pure stimulus focused on aggregate demand e.g., increased infrastructure investment, etc., would have delivered more bang for the buck. Nonetheless, in its April 2010 World Economic Outlook, the IMF noted that the U.S. fiscal stimulus added a full percentage point to 2009 GDP.

    It should be noted that a number of the stimulus bill's opponents wanted no stimulus package whatsoever, even as such inaction would have led to a markedly worse economic contraction/job loss. That the unemployment rate rose much higher than some of the stimulus package's advocates had expected only revealed that they had underestimated the magnitude of the economic contraction. Other opponents, some of whom railed against the rescue of the financial system that, if it had collapsed would have resulted in a deflationary Depression, actually wanted a massive bailout of homeowners. While such a bailout would have softened the impact of the decline in housing prices, it would have done nothing to avert a Depression once the financial system collapsed.

    Where policy makers should cooperate going forward is developing a credible fiscal consolidation program and implementing it beginning next year should the economy continue to grow. But, at least at this point, it appears that ideology will likely trump the politically courageous decisions required to launch such a program. Instead soothing fairy tales that the economy will magically grow its way out of the nation's imbalances, sparing policy makers of the less popular need to impose a combination of discretionary spending cuts, mandatory spending reform, and tax increases. That's exactly the kind of denial that has gotten other countries into ever deeper fiscal difficulty.
    Last edited by donsutherland1; 05-07-10 at 05:47 PM.

  2. #442
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Last edited by The Prof; 05-07-10 at 08:27 PM.

  3. #443
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by USA-1 View Post
    Could it be that they are only spending it where they think it will do the most good and trying not to waste it..
    Ok, I laughed out loud at that one


    At least $55 billion of U.S. stimulus funds that President Barack Obama promised would jumpstart the economy and put Americans back to work will likely be lost to waste, fraud and abuse, according to an investigation that reviewed thousands of programs nationwide.

    Already, at least $5.5 billion of the administration’s massive $787 billion American Recovery and Reinvestment Act have gone to wasteful projects across the country, including a $3 million turtle crossing in northern Florida, the $10 million renovation of an abandoned train station that has been shut for three decades and 10,000 dead people getting Social Security stimulus checks.



    Billions In Stimulus Funds Wasted | Judicial Watch



    I appreciate the laugh though
    Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.

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  4. #444
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by texmaster View Post
    Ok, I laughed out loud at that one


    At least $55 billion of U.S. stimulus funds that President Barack Obama promised would jumpstart the economy and put Americans back to work will likely be lost to waste, fraud and abuse, according to an investigation that reviewed thousands of programs nationwide.

    Already, at least $5.5 billion of the administration’s massive $787 billion American Recovery and Reinvestment Act have gone to wasteful projects across the country, including a $3 million turtle crossing in northern Florida, the $10 million renovation of an abandoned train station that has been shut for three decades and 10,000 dead people getting Social Security stimulus checks.



    Billions In Stimulus Funds Wasted | Judicial Watch



    I appreciate the laugh though
    I said trying not to waste it. Of course like everything much of it will be wasted. Just like the billions that got misplaced and wasted in Iraq.
    Last edited by USA_1; 05-08-10 at 10:53 AM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  5. #445
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by USA-1 View Post
    I said trying not to waste it. Of course like everything much of it will be wasted. Just like the billions that got misplaced and wasted in Iraq.
    It diverts animals (turtles, alligators, etc) to culverts underneath the highway that was built on a lake bottom - the animals natural habitat - to keep them off the roadway creating a hazard for the invading motor traffic. It's a safety issue, for people as well as animals. The project was going on well before the stimulus. The stimulus just gave them some needed funding.


    LOL...How many of those dead people do you think cashed those SS checks? It's kinda like the claims that ACORN registered Mickey Mouse to vote. Mindless Fluff...LOL


    Cons are funny. Funny cons.
    “We just simply don’t know how to govern” - Rep. Steve Womack (R-AR) a member of the House Budget Committee

  6. #446

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