Obama on the stimulus: You’re welcome
posted at 3:17 pm on February 17, 2010 by Allahpundit
Two highlights from this morning’s paean to Keynesianism. The second, heralding the stimulus as the greatest program evah, comes from our new colleague Greg Hengler. The first, from MSNBC, finds The One congratulating himself for having saved America from a new depression. Which is awfully sweet, but alas, untrue:
I’m watching Obama claim that it is “largely thanks to the Recovery Act” that the recession didn’t become a depression. I supported the stimulus, and still do. But this claim is ludicrous…
DId the stimulus help? Sure. But Recovery.gov currently has a nifty graphic showing that of ARRA’s $787 billion in budget authority, the government has currently disbursed about $287 billion. You’d have to posit some really remarkable multipliers for the stimulus to think that this prevented us from sliding into the Great Depression…
So the administration is claiming that by spending less than $300 billion, it managed to prevent more than $700 billion in economic decline–in other words, that the multiplier for their spending was higher than two. They’re saying that every dollar they spent increased GDP by more than $2.
What’s amazing to me about his depression claim is that he’s repeating the key political mistake he made in selling the stimulus: Namely, gambling on the fact that he knows precisely how bad the problem is. We’ve all seen the charts at Innocent Bystanders comparing the White House’s post-stimulus projections for unemployment to the actual numbers, but I don’t think most people realize how deeply that mismatch has penetrated among the public. Via Taegan Goddard, see for yourself what the latest NYT poll found:
Six percent. And as David Freddoso notes, the number who say it’ll never create any jobs keeps on creeping up. So between public disappointment, toxic reports about stimulus money being funneled into programs that are actually being slashed, and moronic tin-eared soundbites from Joe Biden about how we totally got our money’s worth from this thing, The One has a major political problem. Under those circumstances, with so much uncertainty, you’d think the last thing he’d want to do is raise expectations again by pronouncing us out of the woods economically, at least as far as a new depression is concerned. But nope — here he is, patting himself on the back. I hope he’s right, but after reading things like this, I’m a lot less confident than he is.
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His pretentiousness just screams out when he talks. Surprised his minions never brought it to his attention that he looks like an egomaniacal jackass when he speaks.
rmel80 on February 17, 2010 at 4:05 PM
Somebody is Stuck on Stupid.
saltydogg14 on February 17, 2010 at 4:06 PM
Surely you jest, O. The bank bailout was sold to us as stopping the country from falling into a depression. Thanks, President Bush, I’ll take you over O anytime.
misterspork on February 17, 2010 at 4:06 PM
Hate to tell you, Barry, but the dog barked. Just because you stuck your fingers in your ears and refused to hear the news, it actually was quite well reported that money went to places that had nothing to do with job growth or recovery.
Amazing how he can stand there and lie so blatantly, and nobody calls him out on it.
Ferris on February 17, 2010 at 4:09 PM
I think what really bothers me is the fact that he gets away with it because our media is run by a bunch of socialists that don’t challenge him.
rollthedice on February 17, 2010 at 4:09 PM
“Bill include no earmarks…”
* $39 billion slush fund for “state fiscal stabilization” bailout
* $5.5 billion for making federal buildings “green” (including $448 million for DHS HQ)
* $200 million for workplace safety in USDA facilities
* $275 million for flood prevention
* $65 million for watershed rehabilitation
* $200 million for public computer centers at community colleges and libraries
* $650 million for the DTV transition coupon program
* $307 million for constructing NIST office buildings
* $1 billion for administrative costs and construction of NOAA office buildings
* $100 million for constructing U.S. Marshalls office buildings
* $300 million for constructing FBI office buildings
* $800 million for constructing Federal Prison System buildings and facilities
* $10 million to fight Mexican gunrunners
* $1.3 billion for NASA (including $450 million for “science” at NASA)
* $100 million to clean up sites used in early U.S. atomic energy program
* $10 million for urban canals
* $2 billion for manufacturing advanced batteries for hybrid cars
* $1.5 billion for carbon capture projects under sec. 703 of P.L. 110-140 (though section only authorizes $1 billion for five years)
* $300 million for hybrid and electric cars for federal employees
* $198 million to design and furnish the DHS headquarters
* $255 million for “priority procurements” at Coast Guard (polar ice breaker)
* $500 million for State and local fire stations
* $180 million for construction of Bureau of Land Management facilities
* $500 million for wildland fire management
* $110 million for construction for the U.S. Fish and Wildlife Service
* $522 million for construction for the Bureau of Indian Affairs
* $650 million for abandoned mine sites
* $75 million for the Smithsonian Institution
* $1.2 billion for summer jobs for youth
* $412 million for CDC headquarters
* $500 million earmark for NIH facilities in Bethesda, MD
* $160 million for “volunteers” at the Corp. for National and Community Service
* $750 earmark for the National Computer Center in MD
* $224 million for International Boundary and Water Commission – U.S. and Mexico
* $850 million for Amtrak
* $100 million for lead paint hazard reduction
Ferris on February 17, 2010 at 4:10 PM
It’s that disconnect that Sarah touches on and why she resonates with many of us, however many questions we may have about her.
He is practicing old-style politics. Just say it over and over and convince people that their perceptions are incorrect, yours are right.
But today, the problems are closer to the pocketbook. We KNOW.
AnninCA on February 17, 2010 at 4:11 PM
Actual number… of jobs Obama has created…
three: (But we expect more)
Sen. Scott Brown (R-MA)
Gov. Christie (R-NJ)
Gov. McDonnell (R-VA)
Engrpat on February 17, 2010 at 4:12 PM
So, only 6% of people think the stimulus actually created any jobs so far, but 41% still believe that it will do so – presumably in the near future.
That wildly unjustified sense of hope is the only thing that has kept Obama’s poll numbers from completely tanking.
This is going to get really, really ugly.
logis on February 17, 2010 at 4:19 PM
Anybody can “create” a job. I can borrow $100K and hire 5 workers at $20K/year… to do nothing… because there is no real demand for me to borrow $100K and hire 5 people. Unfortunately, with no real demand… they will eventually lose those jobs and I’ll be left with $100K of debt.
The late 90s speculative employment bubble burst in 2000 and a lot of dot com people lost their jobs leading to the mini-recession of 2000-2001. Granted that wasn’t as bad as 2008-09, but even with the attack on 9/11, the tax cuts led to low unemployment, low inflation. Unfortunately, they didn’t control spending… but upon reflection, the 2001-2007 congresses were deficit hawks.
mankai on February 17, 2010 at 4:21 PM
Dems trying to serve us up:
http://www.youtube.com/watch?v=NIufLRpJYnI
kagai on February 17, 2010 at 4:21 PM
Yes, you can’t take this amount of money out of the free-market economy and not have a negative effect.
Juno77 on February 17, 2010 at 4:25 PM
Oh hell Ed, Applebaum’s assessment is down right rosy! After tallying up the stats & hard numbers, Zerohedge, who is prone to a bullish paradigm whenever possible, is down right morbid.
I’m not wanting to spoil anyone’s mellow or anything, but I am hard pressed to to find any fault in his analysis.
Damn, can’t find the link. The article ran Sat or Sun if you’re interested. On second thought, if you want get any sleep tonight, perhaps it’d be best to take a pass.
Archimedes on February 17, 2010 at 4:25 PM
Then why did they increase federal spending by over 30% during that timeframe?
Barrons had an article this weekend that quoted both ‘liberal’ and ‘conservative’ economists.
On both sides, you find agreement that the only way to generate demand when consumers reduce spending is government stimulus, ie government spending. This policy isn’t a partisan one.
bayam on February 17, 2010 at 4:30 PM
She resonates with you for the same reason Hillary does
DarkCurrent on February 17, 2010 at 4:43 PM
So we’re clear, AP, you’re still under the impression that this guy is just wrong/stupid? Are you really still in denial about what a bad guy he is and the fact that he’s hell bent on destroying… uh “fundamentally transforming” the country.
By the way folks, ever wonder why only 1/3 of the bill that’s been paying money to phantom districts and pet projects has been spent? 1/3. Oh wait, aren’t there elections this fall? Probably best to spend all of this monopoly money just before those to get some pumped up (yet artificial) economic numbers. Hiring millions of TEMPORARY census workers will help too.
Get all of your bills paid so you don’t owe anyone anything folks and then buckle up. This all catches up with us next year. We can hope the GOP takes both houses back this year, but election night doesn’t undo what’s been done. 2011 we drive off the cliff.
RightWinged on February 17, 2010 at 4:48 PM
Quack quack quack.
pugwriter on February 17, 2010 at 4:55 PM
DarkCurrent and others,
I don’t often comment, you may not know my extreme right views. I usually agree with posters here, but I’ve had enough of beating up on AnninCa.
She brings her neutral to left opinnions here in a well thought post with decent grammar. She(?)never indulges in ad hominem attacks or general purpose name calling. I for one respect a well presented alternate view. That’s what debate is for.
I have noticed it does not matter the point of her comment, some yahoo will immediatly attack in a most personal manner. It does not speak well for HotAir.
BTW Growfins, crr6 et al deserve all the scorn we can heap on them.
FOWG1 on February 17, 2010 at 4:56 PM
Notice Owe-Bow-Mao said $787 billion spent in 18 months and has spent $287 so far. He now has $500 billion to spend on campaining for dimocrats this year.
Reality Checker on February 17, 2010 at 4:59 PM
It looks like Joe has been chasing parked cars again.
flytier on February 17, 2010 at 5:01 PM
I promise I’ll never call Ann a yahoo, ok?
I might call you a moron for suggesting Ann brings a well-presented alternate view though.
DarkCurrent on February 17, 2010 at 5:08 PM
GB was saying yesterday that Obama’s policy of gradual tax increase (the first of which is to not renew the Bush tax cuts) has a great effect this year because people will be trying to get the most out of their money before taxes go up (the inverse of Reagan’s policies). The end result, they predict, is a double-dip recession beginning next year.
If GB is right then Obama won’t be playing this tune for very long.
hisfrogness on February 17, 2010 at 5:11 PM
Obama says the Recovery Act allowed the Window company in PA and the Solar Panel mfg in Colorado to hire workers.
Gee. How much did that cost me? I’m now on the hook for every dime these companies spend?
TN Mom on February 17, 2010 at 5:17 PM
If the Stimulus (Recovery Act) worked so well creating jobs, why is it Obama will ask congress for another stimulus (jobs bill) for small business to, er, create jobs?
TN Mom on February 17, 2010 at 5:20 PM
I am running out of ways to express my disdain for this jerk.
GaltBlvnAtty on February 17, 2010 at 5:21 PM
Wow! $500 billion is a pretty nice little slush fund for injecting money into at-risk dem districts just in time for the midterms. I think this bunch is just loopy enough to think that the American people will just roll over and worship THE ONE and his minions if they just spread enough cash around.
Hope this isn’t parroting another post…took me 30 minutes just to get through the comments on the other HCR thread.
Chewy the Lab on February 17, 2010 at 5:28 PM
Know what scares me most about the Bush tax cuts expiring???
How many high roller/big investors/mutual fund managers/hedge fund managers are going to dump the stocks they are “up” in just before the end of the year to avoid the cap gain tax increase?
I am scared to death of a market crash of epic proportions…and I’m in a situation where I can’t get out all together.
Chewy the Lab on February 17, 2010 at 5:33 PM
DarkCurrent on February 17, 2010 at 5:08 PM
Actually, I am not always in agree with AnninCA but this time I think that she said the right thing. She was very astute in recognizing the disconnect that Sarah has spoken about.
There is nothing wrong with people being attracted to both Hillary and Sarah Palin either. It does not matter if their belief in Hillary will not be borne out by reality. The fact is right now that Hillary would have been the better President. (and I am most definitely not a Hillary supporter)
maggieo on February 17, 2010 at 5:34 PM
The Democrats never dreamed anyone as radically left as Obama would ever be President, they all have to lie their a$$es off every minute of day to cover.
It would have to be someone much further to the right than Rush to be this guys equivalent.
Speakup on February 17, 2010 at 5:36 PM
From an economics point of view, I believe that it is not correct to state that the USA was heading towards Depression. The worst it was going to get and will still get is Stagflation. What we had in 2008 was the beginning of stagflation.
Now we had a period of stagflation in the 1970s and in some countries the recovery was very slow. Australia was one country that was slow to recover. One likely explanation for the slow recovery happens to be an increase in spending not unlike what you have experienced under the Obot, by the Whitlam government on welfare projects, including a health takeover. It took a long time to turn the economy around and return the budget to a surplus situation, only to have the surplus disappear again under more wild spending by the Krudd government.
As I see it, the US economy is not going through recovery at all. In fact there might be a minor upward swing at the moment, but the next bubble is probably about to burst. This bubble will be for commercial real estate. The anecdotal evidence already exists regarding the health of the commercial real estate market, and it is not good.
Without the increase in tax receipts the US economy will continue on a downhill slide. The problem that exists because of the WH interference is that Govt is taking up more and more of the money that is available for investment. This is not healthy.
maggieo on February 17, 2010 at 5:42 PM
LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL
LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL I CAN’T STOP… LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL LOL lOl lol lol lol l l … YOU LIE
DougDavis on February 17, 2010 at 5:46 PM
No, of course there is nothing wrong with that ;)
DarkCurrent on February 17, 2010 at 5:53 PM
I am so sick of the outright, outrageous lies coming out of his purple piehole.
Enough already!!!!
13Girl on February 17, 2010 at 5:59 PM
This is the Big Lie on steroids. Does he even bother saying lalalalala anymore or does he really believe this BS? How can every dem senator and rep rino march along in lock step while the country is going down the drain? They can’t all be last gasp, 60′s hippies.
Kissmygrits on February 17, 2010 at 6:06 PM
When this guy starts talking like a depression is no longer possible, you can bet you better hang on to your hat, the exact opposite is gonna happen.
Myself, I’m expanding my garden and I’m looking into buying some feeder cattle.
Rick554 on February 17, 2010 at 6:10 PM
Obama on the stimulus: he’s delusional and oh-so-full of himself. A rude awakening is coming your way on November 2, champ.
ya2daup on February 17, 2010 at 6:35 PM
I watched this today LIVE and yes, he certainly did pat himself on the back and was arrogant. But he was also very angry.
He really blasted Republicans in a sneering and smarmy fashion.
And if he was lying. Claimed he and “Joe”, as he kept referring to the VP, anticipated some money being misspent due to size but lo and behold, it didn’t happen, he claimed.
Liar.
KittyLowrey on February 17, 2010 at 7:00 PM
Glenn Beck said it was like a “pack of Cujos”.
LOL
KittyLowrey on February 17, 2010 at 7:00 PM
That stagflations gonna be so much fun!
Sharr on February 17, 2010 at 7:57 PM
Actually I think it’s much worse than that.
I think he is Textbook Smart, Real World Stupid, wrapped in Arrogance to a level unseen before!
DSchoen on February 17, 2010 at 8:06 PM
Hey Barry… how about those unemployment numbers? Any chance your ego can take a holiday and you actually do something about the crushing unemployment?
IntheNet on February 17, 2010 at 8:10 PM
At least during the Great Depression and FDR’s spending, we ended up with some things we can point to, like Hoover Dam and the Tennessee Valley Authority. With Obama and Porkulus, all we have are some $3,000 roadside signs promoting the Recovery Act.
PatMac on February 17, 2010 at 8:46 PM
I pass one of those offensive signs every day. It inspires me for November.
GaltBlvnAtty on February 17, 2010 at 9:10 PM
I am forever grateful: that is my new name for jebus.
Brilliant!!
HAnthonyWayne on February 17, 2010 at 9:42 PM
So stimulus is working, he’s only spent 30% of it, and yet we need another bill? He sends a check to the nuclear industry for new reactors, but there are no permits because he cut the funding for the waste disposal. He calls the space station and tells the astronauts how important he thinks the space program is, but he’s already cut the funding for NASA? Anybody see a pattern here yet?
gordo on February 18, 2010 at 8:26 AM
Biden recently said that the problem with us is that we did not understand that the stimulus package was to be spent in two parts and the second part was going to fix the economy. Just shows how out of touch he and his master are with reality if they believe we have not known since the beginning that most of that package was a democratic slush fund to pay for projects in democratic districts to insure their relection.
I would guess now it is even more important since they mis-understood the American peoples desire to protect what they have. It is obvious that he is not happy with the turn of events with his nose in the air; speaking in short clips in tones of talking down to us peons that are wreaking his plans.
Franklyn on February 18, 2010 at 3:35 PM
Its called kicking the can down the road in hopes that we will not be looking at where he is kicking it to until after the elections. The original plan was to just insure the re-election of democrates with pet projects in their districts. That has changed and more funds than atticipated are needed than the first stimulus plan is providing. Part of that increased need is to discredit and destroy the Tea Party leaders to quell the problem of Americans rebelling against his spending, increasing debt and socialist polices that are destroying what we have. With the canceling of the progam building the replacement for the shuttles, he is essentially handing it over to the Russians. Just one of the first steps to becoming a third world country with a standard of living that goes with it.
Franklyn on February 18, 2010 at 4:42 PM
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