What makes you think that the stimulus "failed"? Is it because the worst economic disaster in 80 years wasn't instantly erased? I think everyone who thinks the stimulus "failed" ought to take a look at those countries that tried the austerity route instead.
1. The stimulus did not earn its required rate of return. We are borrowing at 2% from China and earning a negative return on investment. Probably for a net spread of -5%, that means we are destroying the wealth of the country.
2. If you think the stimulus was a success, then why isn't it paid off? We borrowed $860 B, why don't we just pay off the borrowed money with all the profits from our successful stimulus? Take a poll of your friends and family, tell them to get out their check books and make out $3000 (about the money owed for every man woman and child in the US) to the People's Bank of China (PBOC) and then have them tell you, "Boy that stimulus was a good deal, let's do that again."
3. Attempting to sit here and tell us that Barack Obama successfully spent $860 B without any regard to the final clean up of the borrowing cost is ridiculous. It's like giving a gold medal to a 21 year old kid who successfully maxes out his parent's credit card on the biggest kegger/beer party ever. He successfully spent a bunch of other people's money. So what? What do we have to show for it?
4. The CBO says that each job created by the stimulus cost $120,000 (approx). Each job created generates about the average salary in the US of $42,000 per year. At the tax basis of 20%, that means the US Gov't wont see a payback for 14 years. It's ABSURD.
You think our piddling single digit unemployment rate is a problem? How's 25% sound?
Comparing the US To Spain, Greece or other countries that bear little resemblance to this country is (as Michael Rae would say) cross-cultural comparative nonsense. Since Japanese people live longer than US and they tend to smoke more, should all Americans start smoking also? Germany didn't do a stimulus, their unemployment is ~5%. why aren't you including that into the mix?
The handouts to industry in the healthcare package suck, but do you think it could have been passed without them?
no and it's a
TERRIBLE fucking bill. How do you break a unified opposition to change ? You divide and conquer. pass 1 insurance reform act. pass 1 patient bill of rights act. pass 1 prescription drug/medicare/medicaid pricing reform act. The fact that Obama wrapped this all up into 1 bill and tried to generate this "come-to-jesus" moment where he waves his magic pen and the whole system is now better for all Americans is just laughable. It only shows what an egomaniac he is, to have such poor tact and strategy -- as well as a deluded view of the overall economics of the situation. He has been totally taken in with this MIT econo cultist Johnthan Gruber.
Hey, we're out of Iraq, mostly. Granted, we need to get out of Afghanistan too, but I don't think you're considering the full picture to think we could just walk away from that mess without things getting dramatically worse. I'm a little surprised to hear you talking like this, because I know that you aren't a starry eyed college kid, and that you have a pretty solid understanding of economics.
lol who doesn't undestand the full picture here? The president expanded the war in afghanistan -- tripled the number of troops, AGAINST the strong advice of vice president joe biden who said it was a losing strategy to try to control the entire country and that the US should only focus on counter-terrorism in major Afghan cities. Then if there is a problem in rural areas, you can go into those areas fix them and retreat back to the major cities.
THAT WAS THE RIGHT STRATEGY. But obama went full force with a major surge almost (as it seems) to solely fulfill a campaign promise. Then he pulled the rug out from under the guys who built the surge strategy (patraeus no less) and said no no, we're winding down this surge early into the 2012 campaign. If you read interviews with Patraeus you'll see how pissed he was and it was the closest he ever came to quitting his job.
Everyone who thinks that Obama has been such a disaster should be aware that McCain's economic advisor is on record as saying that had McCain been elected, he would have done the exact same things Obama did, and gotten the exact same results. And with him, we would have had Palin a heartbeat away from the presidency. The cost in lost national stature alone would have dwarfed anything Obama could have blown.
This is not true. Granted I personally lost confidence in McCain and the palin pick was a disaster. But this isn't true and you have to parse the language of what people like Mark Zandi are saying. he says stuff like "the stimulus definitely helped the economy" but you won't see him say, "The stimulus money was spent the best way possible that we could have." there is a difference. He's currying favor in the public media. Behind the scenes... it's not as black and white as you might think.
I voted for John Kerry, George Bush was a failure. But Obama is honestly more of a failure than Bush, if you really understand the economics of what this guy is doing. We are making terrible bad decisions as a country. Way more costly than Iraq will ever be.