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RightChange: Coming Full Circle on Obama’s Stimulus

We all remember the famous line President Obama delivered just over three months ago when he was questioned on the Stimulus bill’s failure to create jobs.  He said, “Shovel-ready was not as shovel-ready as we expected.”  Since that line was delivered, we have experienced three consecutive months of failed results we were promised would happen under the Stimulus bill.  Gloomy jobs reports, ZERO job creation, and Stimulus project bankruptcies.  Isn’t it time we come full circle?

Let’s start with July 1st.  This day, President Obama’s economists released the Seventh Quarterly Report on the impact of the “stimulus” showing that stimulus actually caused the economy to shed jobs and cost taxpayers $278,000 per job. The S&P threatened to downgrade our credit rating if lawmakers couldn’t put together a serious plan to stop out of control deficit spending.  President Obama held a stalemate on a deal to extend a debt ceiling but reached a last minute agreement with U.S. lawmakers that extended the amount of money the U.S. could borrow.  The following month proved just how serious the agreement was.  The month of July ended with a sobering announcement that the multinational corporation Apple, Inc. had more cash than the entire U.S. government. 

Then comes August.  Despite Obama’s claim that if the Stimulus were passed, we would not see unemployment reach over 8%; August marked the 30th straight month that Unemployment has been over 8%.  This meant that 25 million Americans were unemployed, underemployed, or dropped out of the labor force all together.  The amount of people participating in the labor force fell to 63.9% - it’s lowest level since January 1984.  The S&P downgraded the credit rating of the United States for the first time in History due to high deficits from out of control Stimulus spending.  After that, President Obama ended the month of August with a whopping record.  He became the first president since FDR to produce an entire month where ZERO jobs were created.

This brings us to September, the month of the Stimulus bankruptcy.  One of the largest recipients of Stimulus funds, Obama’s Energy pet project Solyndra Co., went completely bankrupt and laid off over 1,000 employees.  They are currently under an investigation regarding the loans they were guaranteed by the White House.  The White House sped up the process to get Solyndra a $535 million taxpayer-funded loan.  Major Solyndra investors were also major donors to President Obama’s campaign.  Despite Solyndra’s bankruptcy, the company took numerous trips to the White House as recently as July telling the administration that their finances were fine.

It has been three months since President Obama admitted his own Stimulus was not what he expected.  Stimulus was passed on the basis that it would create jobs.  Since it’s passing, the unemployment rate soared higher than ever, ZERO jobs have been created, and Obama’s $535 million Stimulus project went bankrupt.  Let’s come full circle: Obama’s shovel is just digging us deeper in the hole.

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