Obama's Stimulus Fails across the board

June, July and August were supposed to be the months. Democrats clinging to re-election hopes just knew that between the artificial job gains from Census Department hiring, the impact of their almost $900 billion in “stimulus” spending, and the tens of billions spent in other programs, that the economy would be roaring, people would be working, and the path to November would be made easier. Their so-called “Recovery Summer” was going to save the day.

Now, as we approach Labor Day, the results are in. Big Government has failed. Gross Domestic Product, which is the standard measure of economic growth in the country, was revised downward in the second quarter of the year from 2.4% to an estimated 1.6% as private sector employers are opting against expansion in favor of a cautious course.

It’s no wonder. Companies are staring in the face of a basic cost of business increases anticipated in 2011 due to the passage of the health care law.

Unemployment remains at 9.5 percent, with 45 percent of the unemployed having been out of work for 27 weeks or more. To put these numbers in real terms, the Bureau of Labor Statistics reports that 6.6 million Americans or the entire population of Indiana have been unemployed for 27 weeks or more.

Americans for Limited Government’s Adam Bitely has been tracking state by state “Recovery Summer” data releasing a daily report on a different state with California, Nevada, Colorado, Florida and Delaware being already covered. South Carolina and Ohio are slated to covered this week before Labor Day.

The startling results show the economy in virtual free fall over the past 18 months, as Obama, Pelosi and Reid have opted for propping up state and local government spending instead of engaging in private sector job creation measures.

More HERE

Posted by John J. Ray (M.A.; Ph.D.).