White House Economic Advisers Admit Stimulus a Failure
WASHINGTON: Yes, you read that headline right. White House economic advisers admit that the stimulus is a failure in terms of economic growth and creating jobs. Christina Romer, Chairwoman of the White House Council of Economic Advisers testified before Congress’ Joint Economic Committee on Thursday. Her testimony (here) rebuts White House and Congressional assertions that the Stimulus package has just started to do its job, and that the best is yet to come. Contrary to party-line propaganda she had this to say about the Stimulus Package:
Most analysts predict that the fiscal stimulus will have its greatest impact on growth in the 2nd and 3rd quarters of 2009. and by mid 2010 fiscal stimulus will like be contributing little to further growth.
NIP compliments truth-teller Romer. It takes a chutzpah to admit the truth when you work in this White House.
She went on to say they expect unemployment to remain steady at 9.6% until the end of 2010. (Remember when we were promised that unemployment would remain below 8.6% only if we would pass the .787 trillion “Stimulus” package?) The Christian Science Monitor reports:
Despite the massive $787 billion price tag, polls show that many Americans are skeptical about whether the stimulus is accomplishing much. Since the passage of the American Recovery and Reinvestment Act (ARRA), the nation’s jobless rate has climbed higher than the White House and others had predicted. Christian Science Monitor
Turns out this so-called stimulus package was nothing other than a cobbled-together mish-mash of Democratic pet projects designed to bring back the bacon to Democratic districts and ensure their reelection prospects. (Do you remember how fast they had to vote on it? Less than 12 hours was given by Leadership to let Congress and the American people read the final bill before the final vote.)
This Democratic Congress want to employ the same ram-it-through tactics for its takeover of healthcare, 1/6th of the US economy. This time are you going to stand by and do nothing while they ram this one through?