Monday, December 12, 2011

Barack Obama - #3487- VIDEO: Why Obama's Stimulus Failed - Hot Air (2) The Real Unemployment Rate is 11% - Washington Post


Why Obama's Stimulus Failed - Hot Air - has received 11,215 views, As a former resident of Silver Spring, Md., I was particularly interested to watch this video from Reason.tv, which makes my one-time hometown a case study for Obama’s stimulus failure. The vid is long, but well worth watching from start to finish because it reflects the reality of the stimulus rather than the theory behind it — a theory that liberals still invoke even in the face of astonishing evidence of the failure of the stimulus. Sure, it sounds as though it would be effective to inject money into areas of the economy in need of a jolt — but, unfortunately, the government can rarely be trusted to spend taxpayer money in a manner that actually would create jobs. Theoretically, for the stimulus to have worked, the government would have had to target idle resources. Instead, the government funneled money into already-existing government contracts. Similarly, for the stimulus to have worked, state leaders would have had to spend stimulus money on top of what they were already spending. All too often, they used stimulus dollars to cover general expenses rather than to increase overall spending. And on and on    Read more........     AW: Great video, please watch.


The Real Unemployment Rate is 11% - Washington Post - Typically, I try to tie the beginning of Wonkbook to the news. But today, the most important sentence isn't a report on something that just happened, but a fresh look at something that's been happening for the last three years. In particular, it's this sentence by the Financial Times' Ed Luce, who writes, "According to government statistics, if the same number of people were seeking work today as in 2007, the jobless rate would be 11 percent." Remember that the unemployment rate is not "how many people don't have jobs?", but "how many people don't have jobs and are actively looking for them?" Let's say you've been looking fruitlessly for five months and realize you've exhausted every job listing in your area. Discouraged, you stop looking, at least for the moment. According to the government, you're no longer unemployed. Congratulations?  Since 2007, the percent of the population that either has a job or is actively looking for one has fallen from 62.7 percent to 58.5 percent. That's millions of workers leaving the workforce, and it's not because they've become sick or old or infirm. It's because they can't find a job, and so they've stopped trying.  Read more........

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