Hey America! How’s That Stimulus Working Out For Ya?
That’s a shame since your children and grandchildren are going to be paying off the $787B price tag for decades to come.
If they can even afford to pay taxes that is.
UPDATE: Here’s some more good news (*cough*) in the Era of Hopeandchange.
The number of young Americans without a job has exploded to 52.2 percent — a post-World War II high, according to the Labor Dept. — meaning millions of Americans are staring at the likelihood that their lifetime earning potential will be diminished and, combined with the predicted slow economic recovery, their transition into productive members of society could be put on hold for an extended period of time.
The number represents the flip-side to the Labor Dept.’s report that the employment rate of 16-to-24 year olds has eroded to 47.83 percent — the lowest ratio of working young Americans in that age group, including all but those in the military, since WWII.
And worse, without a clear economic recovery plan aimed at creating entry-level jobs, the odds of many of these young adults — aged 16 to 24, excluding students — getting a job and moving out of their parents’ houses are long. Young workers have been among the hardest hit during the current recession — in which a total of 9.5 million jobs have been lost.
Why do I find it increasingly funny sad that those most supportive of Obama in 2008 were young people and those making over $250,000. Now they are the ones most likely to get shafted. LOL. Boo hoo hoo.
-Bruce (GayPatriot)
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Not to mention another factor: If, say, the local ice cream shop owner and the local teenager want to work out a deal to their mutual advantage where the teenager gets paid $6.00/hr and his first job experience… it’s illegal!!!
Comment by ILoveCapitalism — September 29, 2009 @ 10:06 am - September 29, 2009
Well, there’s change you can believe in….
Certainly haven’t seen any ‘porkulus’…err, stimulus projects in my neck of the woods. Where’s all that shovel-ready infastructure investment? Apparently Washington DC needed it more for improving it’s forest-fire fighting operation…even though they don’t have nor need any.
It’s so disappointing that the GOP is institutionally-incapable of highlighting this administration’s ineptitude…due to their own. Pandering to the “…they’re going to pull the plug on Grandma” fears of the Far Right isn’t getting them anywhere either. (Except to fatten their campaign coffers…)
Where’s the leadership? Certainly not Palin, Huckebee nor Ronmey… Are their ANY adults left willing to step forwards and fight this batsh*t?
Comment by Ted B. — September 29, 2009 @ 10:23 am - September 29, 2009
Apparently you guys have not heard about how rising unemployment is a leading indicator for ushering in a ROBUST ECONOMIC RECOVERY.
Here is how it works. The government hires up the unemployed workers and taxes away the money the former employer saves on salaries and the new government workers pay taxes on their salaries and the government earns even more money and so the government gives free health care to everyone which further saves the former employers even more money which the government taxes away to pay for government interest free loans to buy cars and houses and healthy food.
There is even more to this plain as plain can be process, but it wouldn’t be fair to over tax your brains. Those who believe in the old economics of private capital, free markets, choice and responsibility will have a hard enough time understanding what I have already proclaimed. Three cheers for rising unemployment and the ROBUST ECONOMIC RECOVERY that results.
I wonder what would happen if unemployment were to drop? We might have to outsource the excess labor.
Comment by heliotrope — September 29, 2009 @ 10:47 am - September 29, 2009
Meanwhile, we are importing over 100,000 guest workers every month. We even have to use Afghans to drive shuttle buses at the Denver airport.
Comment by SoCalRobert — September 29, 2009 @ 11:10 am - September 29, 2009
heliotrope, good one
Comment by ILoveCapitalism — September 29, 2009 @ 11:40 am - September 29, 2009
Dow could reach 10000 really soon. I am sure that capitalists will like that news.
Comment by John Ryan — September 29, 2009 @ 12:02 pm - September 29, 2009
Bruce, nice to see you back to posting here. I enjoy your unique take on issues.
In Michigan, the Stimulus Spending plan was supposed to cure our state’s chronic structural budget deficit of $2.1b that’s been a plague to our Democrat Gov since her 1st day in office and, 7 yrs later, still not fixed. When it passed, she went on CNN and MSNBC to delcare that any “nutjob” Republican governors who “don’t want the Stimulus, we’ll take it in Michigan”.
Guess what? She hasn’t gotten a dime of anyone else’s money because shes’ having serious problems spending Michigan’s share on shovel-ready projects because the bureaucrats can’t figure out how to do it and not lose fed money on other projects… it’s insane! And, the promise that it would earse our budget deficits for at least 3 years… vanished. We got a bigger deficit now at $2.7b and state govt may shut down this week.
And on the front pages of today’s newspaper, the Capitol is saying that they’d like to spend all the Stimulus Money :ansing is getting on a single project to build –get this– a new parking ramp for the Democrat friendly company called the Accident Fund (which used to be a state agency before its privatization).
A parking ramp!
Something the business intended to build anyway, operate as a private enterprise, compete with city and state owned lots near the Capitol… but we can’t have that. No sir. Let’s make it a govt lot with govt funds! $31m –it’ll be a real nice parking ramp. City-owned.
Unfortunately, the city of Lansing says when it blows the wad on that project, there’s no more Stimulus Money available for other projects. Where’s Veep Biden who promised the states “We’ll get you whatever you need as long as the bank is open”.
Democrats helping Democrats be Democrats. What could be more Obama’ish?
Comment by Michigan-Matt — September 29, 2009 @ 12:06 pm - September 29, 2009
But hey, the number of government jobs has gone up! Doesn’t growing the burreaucracy count as positive HopeChange™?
Comment by Tully — September 29, 2009 @ 12:18 pm - September 29, 2009
It all depends “why”. If the Dow is rising because of destructive policies from Obama-Bernanke designed to punish holders of cash and inflate new speculative asset bubbles of the kind that have burned our nation before – And it is – Then, no not so much.
Much better news than the Dow hitting 10000 (for the wrong reasons) would be if Obama were to fix his insane policies. E.g., cut spending by $1.6 trillion, cut regulation to unleash our nation’s productive powers, restore sane interest rates, etc.
Thinking “We can use government’s powers to manipulate the markets upward, and what will capitalists have to complain about that?” is typical left-wing, short-sighted thinking.
Comment by ILoveCapitalism — September 29, 2009 @ 12:53 pm - September 29, 2009
[...] [UPDATED 1145 MDT] Here’s a diagram from Gay Patriot that shows just why consumer confidence might be falling: [...]
Pingback by Tuesday musings | And Still I Persist — September 29, 2009 @ 1:47 pm - September 29, 2009
Oh oh ,conservatives knew you could’t just go and print $2 Trillion Obama dollars…..
http://finance.yahoo.com/news/Officials-Fed-will-need-to-apf-1511169380.html?x=0
“Fed will have to boost interest rates fast and often”.
So today millions can’t buy houses and cars at 5% interest rates, but during Obamas reign they WILL be able to afford houses and cars at 10% interest rates? What a sham. Guess happy days aren’t here again.
Comment by Gene in Pennsylvania — September 29, 2009 @ 9:03 pm - September 29, 2009
If you guys want some really scary numbers, check out the following:
Link
The rough math is this: 8.7 million homes in the US are in default and over-valued by $80,000. This means there is about $702 billion dollars in losses our banking system is carrying.
Anyone who thinks we’ve pulled back from the brink of financial disaster is sadly mistaken.
Comment by Blake — September 29, 2009 @ 10:34 pm - September 29, 2009
Gene, thanks for the link. The comments quoted from “Fed officials” are a joke.
Sorry, Fisher. The time was somewhere around JULY – and you’re not doing it, are you? The second and larger wave of the mortgage crisis is still coming: the Option-ARM wave. How are you going to raise interest rates in the middle of that? (Hint: You aren’t. If you personally, seriously want to, then you’ll suddenly find that they fired you.)
Comment by ILoveCapitalism — September 29, 2009 @ 10:56 pm - September 29, 2009
Well some of it’s going to a new fire station in my area, which the county was going to build anyway. So I guess that means that Chairman Obama will now be able to dictate how the county runs it’s business.
What I don’t understand is that they already have a fire station, not far from where the new one is going, that’s apparently never in use. I have a scanner on my desk and have never heard that engine dispatched on a call. Don’t know why we need a new one.
Comment by ThatGayConservative — September 30, 2009 @ 1:40 am - September 30, 2009
We’ve a new ‘Columbus to Toledo to Cleveland to Cinci’ bus route being paid for with porkulus money. Not sure why though.
Comment by The_Livewire — September 30, 2009 @ 7:01 am - September 30, 2009
Livewire, got ya beat… and that ain’t good.
We’ve got a Stimulus-paid-for set of designs and even land acquistion begun for a –get this– high speed bullet-like train from Detroit to Chicago… even tho’ there are far, far fewer jobs in Detroit because of Obama-shuttering the allied auto industry and there has NEVER been a documented Chicago-Detroit business or pleasure or vacation travel rationale to explain why all Americans should pay for a high speed train linking the cities.
But it’s Senator StupidCow’s pet project, so damn the economics of it all; she’s entitled to play Queen of Other Peoples’ Money.
Of course, there’s no reason either for Jack Murtha’s hometown to have an international-styled airport facility either. So maybe logic has been suspended for all Stimulus Spending projects?
Comment by Michigan-Matt — September 30, 2009 @ 7:25 am - September 30, 2009