The Stimulus Has Officially Failed

[Shady]

Stunning video today from MSNBC. Phd Economist and Obama supporter Jeffrey Sachs correctly describes Obama's stimulus as a failure.

"We need a different approach."

I think the final nail in the stimulus coffin was friday's jobs report. Only 40,000 private sector jobs were created in May. Down dramtically from the month before. Some are now predicting a double-dip recession.

NEW YORK - Stocks fell to their lowest level in four months Friday after the government said hiring remains weak

The government's May jobs report came as an unpleasant surprise for investors who had grown a little more upbeat about the domestic economy the past few days. The Labor Department said private employers hired just 41,000 jobs in May

NBC

Edited June 7, 2010 by Shady

[msj]

I think the final nail in the stimulus coffin was friday's jobs report. Only 40,000 private sector jobs were created in May. Down dramtically from the month before. Some are now predicting a double-dip recession.

Most people are probably wondering just how bad things would have been without the stimulus: CBO: Stimulus raised GDP 1.7% to 4.2% in Q1

It will be interesting to see the extent of the drop off in GDP in Q3 and Q4 of this year as stimulus is being removed: a double dip recession very well may be a self-fulfilling prophecy as governments around the world apply the brakes and try to repair their own balance sheets.

[punked]

This is hardly "Official" I have feeling even if a billion jobs were created you would be claiming the samething.

[Jack Weber]

Well...

That's 13 seconds of my life I CAN'T GET BACK!!!!!

[Shady]

Well...

That's 13 seconds of my life I CAN'T GET BACK!!!!!

Yes, but you're much more informed now. That's worth more than a lousy 13 seconds.

[Jack Weber]

Yes, but you're much more informed now. That's worth more than a lousy 13 seconds.

Greatly informed...Yes....

[Shady]

Greatly informed...Yes....

You're welcome.

Also, I highly recommend watching Morning Joe on MSNBC. It's a great show that provides a very balanced take on current political issues. However, it's 3 hours long. I DVR it, so I can skip commercials and such.

[punked]

You're welcome.

Also, I highly recommend watching Morning Joe on MSNBC. It's a great show that provides a very balanced take on current political issues. However, it's 3 hours long. I DVR it, so I can skip commercials and such.

Orrrrrr it is a show hosted by a former Republican congressman, who left after his intern was found in his office dead.

[msj]

Of course, there are those who argue that we need much more stimulus: We Need Bigger Deficits Now!

So, I guess the argument is that the stimulus failed because they didn't stimulate long and hard enough?

Doesn't matter though, none of these opinions are "official."

[Oleg Bach]

Of course the stimulus failed - hard earned tax dollars were handed over to high end failures who could not manage their affairs to begin with - It's like giving money to your drunken daughter - who blows it at the bar and then comes back for more..she will always be a drunk and those at the top will always be losers. Why in Gods name do we support the rich when they can not support themselves?

[Shady]

More bad economic news.

Jobs Market Barely Budges in June as Hiring Stays Weak

U.S. private employers added just 13,000 jobs in June, according to a report published Wednesday that suggested expectations of a big drop in the government's upcoming nonfarm payrolls report were on target.

CNBC

May saw a huge drop in jobs from April, and now June sees a huge drop in jobs from May.