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Brookings “Experts” Admit Stimulus a Bust
- Text size
President Obama has now been in office for over six months and despite his signature $787 billion stimulus, unemployment remains above 9 percent.
“The federal government is the only entity left with the resources to jolt our economy back into life,” Obama said back in February. Touted at the time by Obama an absolute and imperative necessity for America’s ailing economy, the stimulus was heralded the optimum plan to ameliorate rising unemployment, aid small and large business alike, assist struggling local and state governments, and pull America out of the recession.
Proponents of Keynsian economics argue that injecting massive government expenditure into the market leads to extraordinary benefits due to its inevitable “multiplier effect.” Hence came Obama’s urging of Congress to pass the largest government spending bill in world history “without delay” before any review and scrutiny could be possible, only to then sit untouched a few extra days during Obama’s visit to Denver.
The Brookings Institution held a discussion-panel on August 13th assessing the fruition of the stimulus’ promises and future impact on America.
“The good news is the recession is beginning to end, but government’s had nothing to do with it,” Barry Bosworth, a Senior Fellow in the Economics Studies Program at Brookings Institution, began. “Disposable income for households have risen, but that’s been offset by government spending and payments— and people still aren’t spending. The problem is government has not acted fast enough because of the political process, and government hasn’t had anything to do with business investment growth.”
Russ Whitehurst, Senior Fellow and Director of the Brown Center on Education Policy at Brookings, cited the troubles that are attached to federal funding. “What’s the exit plan? How do you turn the spigot off, and do people plan to turn the spigot off?” he asked.
- A d v e r t i s e m e n t
Also part of the panel were Amy Liu, Deputy Director and co-founder of the Metropolitan Policy Program, and Christopher Zimmerman, a member of the Arlington County Board.
Amy Liu analyzed the cloudy and uncertain status of the American economy. In her assessment of the stimulus package’s effect, she notes an uneven recovery— unemployment rates range from 5% in Provo, Utah, to 17% in Modesto, California, and low housing prices down as much as 30% in 100 of the largest metro areas.
“A broad-based, fiscal stimulus measures may not be enough. We may need targeted intervention,” she contended. Liu praised and endorsed the alleged financial boon and redeeming quality of the green sector.
“Green jobs will be the game-changers and lead to long-term prosperity,” she said. “And I’d say that at the local and regional level, this part of the stimulus package is what’s generating the most game-changing initiatives and efforts to really undergird the recovery. These are the ones that will have the big multiplier effect and have long-term economic value.”
The stimulus package predicated that America would experience 8.5% unemployment without the package and 7.5% with it. It passed and today unemployment is 9.5%, and the White House is predicting double-digit unemployment rate will occur within months. “I am unequivocally grateful for the stimulus, but it wasn’t enough,” Zimmerman said. “The recession may be over but it’s only going to get worse for state and local governments.”
Whereas Amy Liu cited the need to “urge spending” to meet spending targets, Zimmerman stated the “desperate” need for additional federal-spending.
“The Department of Transportation has hit 50% of their spending target, but some have refrained,” Liu said.
“Implicit in this conversation, at least as I hear it, is that while the private sector has to shrink amid circumstances in which revenue is decreased, the public sector will always be made whole,” Whitehurst stated. Whereas earlier in the discussion Whitehurst said, “If you’re looking for examples of projects and activities that began or were continued as a result of stimulus expenditure, you’ll have a great deal of trouble identifying.”
“The administration has been explicit about not wasting a crisis, and they certainly had reform agenda tied into the Stimulus Bill,” Whitehurst admitted. Nonetheless he had no qualms about having to go back to Lyndon Johnson “to find a time when there was as much power centralized in education.”
Mr. Bosworth expressed strong disapproval with the administration’s crisis mentality as “the worst possible thing because you end up using it for other agendas, as is happening here. And it will be even more severe in a second stimulus.” But even he endorsed faster and more government action.
“We do exactly the wrong thing when we’re raising our taxes and cutting our spending in the middle of a recession,” Zimmerman acknowledged. Yet Mr. Zimmerman emphasized the “desperate” need for a second stimulus, and getting something for nothing— as long as taxes aren’t raised during his tenure as an Arlington official.
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August 24th, 2009 at 11:11 am
1st
DunDunDun Reply:
August 24th, 2009 at 1:14 pm
All they’re doing is transferring all future purchases into the present using taxpayer money not of the cause of the problem: the people who spent recklessly, but the taxpayers who saved and didn’t live beyond their means. They’re telling the people the only way to continue is to continue running debts and spending of the past, which is absolutely wrong. We need an entirely new economic model that starts with stopping federal spending, includes getting rid of illegals and programs like welfare, and focuses more on teaching people essential skills with a focus on farming and programs that will increase our water supply. Desalination technology, irrigation, and increasing our available water supply.
FreedomOfSpeech Reply:
August 25th, 2009 at 12:46 am
It doesn’t matter because Operation Mockingbird has taken over the airwaves…
http://www.flickr.com/photos/4.....otostream/
Here’s proooooooooooooooooof!
Aus Reply:
August 25th, 2009 at 11:53 am
Good one, mate… But even if AJ is *not* in on it, then he’s still just ONE “mockingbird” out of THOUSANDS of day-to-day media twits & twats. Do the math.
AJ is an asterisk (less than 1%) in more or less 100% full spectrum dominance of the US-based media broadcasters.
Does 1% matter in a ‘democracy’ of 300mn? We had better hope so.
Every change starts somewhere.
john Reply:
August 25th, 2009 at 5:02 am
Jane Burgermeister’s new site
http://www.theflucase.com
$$$$$$$$$$$$ Reply:
August 26th, 2009 at 1:49 pm
END THE FED through bankruptcy reorganization!
BANKRUPTCY REORGANIZATION NOW
*** Lyndon LaRouche is gonna tell us how ***
at his next international webcast Tuesday, September 8th at 1pm EST
Right here: http://www.larouchepac.com
US Constitution
Article 1 Section 8
To borrow Money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States…;
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the
Standard of Weights and Measures;
August 24th, 2009 at 11:34 am
f--- u bitch get an life
August 24th, 2009 at 11:37 am
There is no way a recovery can ocuur untill we begin to produce our own manufactoring, energy, secure our borders and quite bankrupting our Nation and giving TRILLIONS to the BANKSTERS!
PACman Reply:
August 24th, 2009 at 10:18 pm
Home economic recovery http://www.youtube.com/watch?v=ZWUKewYpLHM
FLANK EM Reply:
August 26th, 2009 at 8:39 am
save your money…thats the only way to sockit to em that and dont use any form of credit…learn to live without just a little bit …Conserve everything you can
Joe Bloe77 Reply:
August 26th, 2009 at 12:04 pm
Agreed!
August 24th, 2009 at 11:48 am
welcome to The Road Warrior scenario…..
August 24th, 2009 at 12:18 pm
Dan from Ohio you suck balls. Mac-101 eat a blow of s---
August 24th, 2009 at 12:18 pm
f--- both of you guys
Aus Reply:
August 25th, 2009 at 11:56 am
Nice to know the “truther” site is keeping up its admirable image.
August 24th, 2009 at 1:10 pm
Someone Admiting the stimulus is a bust.
Racist! *Taste the sarcasm and let it sink it…*
Any thing you disapprove of, from now own, will default to YOU being a racist.
Don’t like broccoli, you’re a racist!
Don’t like the Stimulus, you’re a racist!
Don’t like the President or his policies, you’re a racist!
It’s the new catch all, to shame you whites into shutting the f--- up.
Madman Reply:
August 24th, 2009 at 1:11 pm
I felt like a racist just writing that… LOL
I am white. Shame on me… I’m a horrible racist for all the aforementioned reasons…
Chris Reply:
August 25th, 2009 at 12:16 pm
Seems every word now is a code word for racist. So, does the word racist still mean racist ?? Is 2+2 still 4 ? Better watchout, this kind of thing is being a thought criminal.
August 24th, 2009 at 1:24 pm
##########SPREAD THIS INFORMATION##########
Wall Street criminals exposed By Marcy K.
kaptur.house.gov/index.php?option=com_content&task=view&id=289&Itemid=1
youtube.com/watch?v=tMCZ8JeEpUw
or
fednet.net/asx/2008/kaptur092208.asx
Rep. Alan Grayson asks the FEDERAL RESERVE Inspector General where the money is gone..
youtube.com/watch?v=PXlxBeAvsB8
HQ version: youtube.com/watch?v=cJqM2tFOxLQ
######END THE CRIMINAL RESERVE – ACTION STEPS######
Bills to be supported: S 604 and HR 1207. Information:
ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207
or
http://www.campaignforliberty......07home.php
1. Sign the HR 1207 Petition:
www(dot)campaignforliberty.com/campaigns/hr1207petition.php
2. Sign the S 604 Petition:
www(dot)campaignforliberty.com/campaigns/s604petition.php
3. Already signed the petitions? Contact your Representatives:
www(dot)campaignforliberty.com/campaigns/hr1207action.php
Another one you might sign instead of the above 1st and 2nd step.
auditthefed.com
August 24th, 2009 at 2:05 pm
a second stimulus would definately tank the economy.
jeffohio Reply:
August 25th, 2009 at 3:00 am
The people ARE the economy. The DC types think of us as numbers. NAFTA GATT is killing the people.
Brookings is a leftist org. Quite an admission on their part.
August 24th, 2009 at 3:05 pm
Why are we wondering if the stimmlus will tank the enonomy? Noble ones our economy was tanked 40 years ago. What a joke American dumb asses are. There is not going to be a medical insurance bill that that means anything to 99.99% of anyone. Noble ones nothing is going to save us. We have been lazy stupid killers rapist robbers. The only thing that keep the world at bay is a underfunded military and I don’t care how fast we run our printing presses that won’t work eather. What a bunch of s---heads we have been. A bitter wormwood wickedness comes quickly upon us. No one will be raptured eather.
August 24th, 2009 at 4:02 pm
Its a fact that a Bilderburger conference in the ’70s decided to de-industrialize America..it worked. Freds right…we’re done.
August 24th, 2009 at 4:32 pm
unemployment is 9.7%
9.4% is “seasonally adjusted” but its not relevant
Chris Reply:
August 25th, 2009 at 12:21 pm
Try a real 18%-20% unempolyment rate. The 9.7%-9.4% figures do not take into account those that have exhuasted unemployment but still have not found work, or those that had to take a part time or low paying job (underemployed) in order to have some money comming in.
A second stimulus package would only serve the same as the first, to transfer wealth to the bankers.
August 24th, 2009 at 8:19 pm
Sometimes I wonder if the NWO is run by La Cosa Nostra, or are they just trying to compete with the mafia but don’t have the cash to do so
http://www.newser.com/story/57.....ssion.html
See what the bankers are doing ; some enterprises are having to turn to dubious sources for their working cash float.
August 24th, 2009 at 8:22 pm
Funny, isn’t it?….This is a ‘think tank’ and its inmates seem to have been among the last to figure out that the Golf-Delta plan was a bust.
August 24th, 2009 at 10:03 pm
Check this out…
http://www.youtube.com/watch?v=xnp9Xgri_Uc
This crash is following the same path that the great depression did… a fall, with a rally that was 52 / 53% of the original crash… interesting to see history repeating in the charts.
August 24th, 2009 at 10:58 pm
MASSIVE censoring is happening on infowars. only if you talk to close to the truth.. ive been trying to tell everyone about chemtrails for months on infowars. but i keep getting censored, our free speech is being censored and ive tryed contacting infowars about this and im not getting any response.
August 25th, 2009 at 2:06 am
########LIST OF THE BIGGEST TREAT TO HUMAN & EARTH########
The Federal Reserve bank, IMF (international Monetary Fund), Goldman Sachs, JP morgan Chase, Bank of England, Benjamin Bernanke, Timethy Geithner, Alan Greenspan, Robert Ruben, Roland Summers, Lawrence Summers, the Rotschilds, AIG, Maurice R. Greenberg, the Maddofs,…
########LIST OF THE BIGGEST TREAT TO HUMAN & EARTH########
August 25th, 2009 at 9:07 am
How much of the stimulus money has been spent ??? Less than 10% ??? Yet every body keeps saying it did’nt work. But actually has not been fully done. Plus how can we spend what we don’t have. Are we broke or not ??? …I know I am. Work is slow , economy is bad , yet our so-called reps spend our tax dollars like people did’nt work hard for that money. On a bunch of crap that me and I think most people don’t want to spend their money on. For instance, Say I work 40 hours. 10 to 15 hrs of that work was for taxes. Then they give my money away for a program to save turtles,birds,mice,or to people who won’t get off their lazy ass and work. Sucks being a slave.
August 26th, 2009 at 4:59 am
The Brookings Institute is the typical “think tank” CIRCLE JERK (retired Gubmint hacks and ex-lobbyists) , so I was surprised with their candor. Anyway you slice it , we’ve pretty much screwed the pooch.
The 10-yr. deficit suddenly jumps from 7 trillion to 9 trillion?……..the reported Unemployment rate is a full percentage point above the estimated number?…..the “cash for clunkers” scam runs out of cash , and 90% of dealers have not yet been reimbursed as of yet? Yeah , some f---ing “Hope and Change”. When are the little sheepies finally going to head to the vipers den known as D.C. , armed with ample amounts of lead and piano wire , and really CHANGE a couple of things?
September 2nd, 2009 at 6:19 pm
Bombs blow up Athens stock exchange. Is this the beginning of people now taking retribution on the financiers who they believe are responsible for the global financial crisis? Are there going to be more responses around the world to the money men who have impoverished billions of people through their outrageous greed. It is a foregone conclusion that this would happen. Assassinations, kidnappings, are going to be commonplace for the rich, and those politicians who have supported them. We are going into an abyss of desperation that will, and already is, driving people to take revenge on those bankers who have sacrificed millions of people’s for profit. More and more people are waking up to the reality and corruption of those who are responsible for wars, poverty, enslavement of nations through these bankers control of the world wide money supply. It is inevitable that these financiers lives are now in jeopardy, and the near future will reveal more and more of these money men being eliminated.