By John W. Lillpop
While pushing Congress to pass the $831 billion stimulus package in 2009, President Obama promised that millions of jobs would be created, and or saved, and that the nation’s unemployment rate would fall to less than 8.0 %.
Three years on, there are 23 million unemployed, or under employed, Americans, the unemployment rate is 8.2%.
Final GDP numbers for 2011 show a not-too-sterling growth rate of 1.7%.
Meanwhile, the federal deficit has exploded and is on track to hit $16 trillion, and another increase in the deficit ceiling will soon be necessary. America’s credit rating was downgraded in 2011.
In spite of all of this dreary economic news, President Obama actually claimed that the economy is doing “fine,” at least in the private sector. He is also pushing for another stimilus.
Given the results from the first stimulus, why would any responsible Congress critter give this president even more American treasure to waste?