Tuesday, June 08, 2010

How about stopping, turning the car around and heading in the opposite direction.

Jim Geraghty on the "stunning" "realization" that the "stimulus" was a failure.  (I'm shocked.  Aren't you shocked? Well he's shocked and of course the entire press corps is shocked).  Imagine that:  the lawyers write some words on some paper and pass a bunch of money to union members and governments and nothing good happens.

Shocking.

Washington DC:  Where liberal fantasies go to die.


"The stimulus failed." Columbia University professor Jeffrey Sachs said that yesterday, and while the conclusion isn't surprising or newsworthy, who's saying it is. In fact, who in their right mind really wants to go all-out to argue that the stimulus was a smashing success? You may suggest Joe Biden, but remember I said "in their right mind."

The Heritage guys look at the wreckage -- er, record: "Last Friday's Department of Labor jobs report, which showed private sector job creation fell by 190,000 between April and May of this year, jolted markets worldwide including the Dow Jones Industrial Average, which fell 3.2% Friday to its lowest level since early February. In total the U.S. economy has now lost a net of 2.2 million jobs since President Barack Obama signed his stimulus bill, and his administration is now 7.2 million jobs short of what he promised his $862 billion stimulus would help create by 2010."

At Hot Air, Allahpundit notes the ramifications: "Originally, I intended to just clip out the statement from Keynesian economist Jeffrey Sachs that 'the stimulus failed,' which Joe Scarborough had to dig to get, but the entire segment is worth viewing. First, Sachs confirms -- on MS-NBC, no less -- that the Obama administration and Democrats in Congress had no strategy for long-term growth. The stimulus was a collection of short-term minor stimuli, combined with liberal hobby horses that Democrats had ridden for twenty years. Scarborough tries to defend Keynesianism from the Keynesians, but the failure can't be separated from the philosophy."
The Washington Post editors 
this morning begin to describe potential stimulus sequels in a rather devastating fashion: "There's growing pressure on Congress, from the administration and its liberal allies, to dig deeper into China's pockets for another round of stimulus spending." Meanwhile, in Colorado there's a sign that Congressional Democrats can't echo Biden's declaration that the stimulus has been an "absolute success": "One of Colorado's newest members of Congress says the country's economic stimulus package has been a 'limited success.' That message doesn't come from a Republican, but from Democrat Jared Polis."

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