Summers: Despite Rising Unemployment, Stimulus Has Not Failed

More spin, more lies. Now we’re expected to believe that all along the Obama administration has clearly stated that majority of jobs “created or saved” would not happen until late 2010. They are buying time and counting on unemployment figures to be better next year.
Realistically, there are not a lot of positive signs that would indicate that unemployment in 12-18 months will be any lower than it is today. If anyone else (besides, of course, Joe Biden) can point to signs that the economy is turing around (or is on the verge of turning around) I’m listening.
Unfortunately, this will be a “jobless recovery” at best.

It hasn’t “failed” because the only real goal of the scamulus was to finance pork projects, which it is doing, while driving the country deeper into debt, which it is doing. It was never truly intended to “save the economy”.
The fact that it was rushed through using scare tactics that would make Karl Rove proud should have been a screaming siren to alert people to the fraud being perpetrated upon us.

Define “failure.”
From Glenn Thrush at Politico:
Big Dem cash dump on eve of climate vote
Three House Democratic leaders who were whipping members on the climate change bill gave tens of thousands in campaign cash to party moderates around the time of the 219-212 vote on June 26, according to Federal Election Commission records.
It’s impossible to tell if that torrent of cash was an attempt to schmear wavering Democrats — or just part of the usual cash dump made by leaders on the eve of the June 30 quarterly fundraising deadline.
Majority Whip Jim Clyburn (D-SC) doled out $28,000 to reps who eventually voted yes on June 24, two days before the big vote — on a day when House leaders were doing some heavy-duty arm-twisting…
“…If this was a concerted effort by the Democratic leadership to purchase votes for Nancy Pelosi’s national energy tax at the eleventh hour, then it is unconscionable at best and corrupt at worst. The sad fact for those Democrats who were seemingly bought and paid for, is that it will take a lot more money than they received to defend such an atrocious vote.”

GDP down 6.3% in the forth quarter ending June 25..Stimulus signed on February 17th…Ummmm I know let’s create a bigger deficit, which will always remain with us as a fixed cost, and go with National Health Care…Anybody with half a brain should know that high deficits create high interest rates with high inflation….INSANE..Keep you eye on GDP it goes down unemployment goes up…

Of course the stimulis it is working the way Democrats (OBAMA) wanted it to work.
1. The Democrats (OBAMA) is holding the whole country hostage with stimulus funds.
2. Obama will unleash untold billions just before elections to create temporary summer jobs. Then Obama will say “See the stimulis is working” for the short attention span voting Democrats.

I agree Obama is stupid, but it isn’t all his fault. We are finally reaping the rewards of two generations worth of lower public education standards where self esteem is deemed to be more important than learning basics, including logical thinking skills.
How’s that hope and change working out for you, America?

“Both administration and independent forecasts predicted that only a very small part of the total job creation expected from the Recovery Act would take place within six months”
What part of Obama’s statement in the White House East Room on January 28, 2009 don’t they understand? What does “out the door immediately” mean to these people?
“Now most of the money that we’re investing as part of this plan will get out the door immediately and go directly to job creation, generating or saving three to four million new jobs. And the vast majority of these jobs will be created in the private sector.”

Before anyone suggests that Mike in Costa Mesa’s quote from Tapper’s site about the promise to create 600,000 jobs in the next 100 days is not correct, or is cherry picking some little thing, or a paraphrase provided by Jake, let me give you the exact quote from the president at an event on June 8 (at least that’s the date of the NPR piece on the event where I got the transcript): Obama: “And so the goal here is that we’re going to create or save 600,000 jobs over the next 100 days. Joe highlighted some of the specific commitments that we’re making to keep the recovery moving forward: keeping teachers in the classroom, cops on the streets; providing summer jobs for youth, that are particularly hard-hit in this job market; breaking ground on hundreds of new projects all across the country in clean energy and transportation, and so on.”
So yes, in June the president vowed there would be another 600,000 jobs thanks to the stimulus over the next 100 days from that date. Let’s see if it comes to pass. Then again, since they play fast and loose with the numbers at the WH, they will doubtless claim they have met that goal when the time comes. AFter all, at the same event the prez claimed that 150,000 jobs had already been “saved or created” since the stimulus passed, even thought unemployment was at that point much higher than they had projected it would be even without the stimulus. I know, they are claiming/will continue to claim that it would have been that much worse without the stimulus. And that is a claim that is pretty hard to objectively determine the validity of. Convenient, huh?

Hey Matthew Jaffe, why don´t you ask tougher questions or push harder for better, non-political-bureaucratic doublespeak answers?
It amazes me how journalists wimp out on asking the follow-up, tough questions.
They go in to these interviews with their scripted questions and cannot formulate or think of a follow-up question to cut through the BS answer they received.

we are in trouble now. Mr. obama should of never ran for president. now his supporters are starting to realise what a joke he is. only problem, once you sell your soul, theres no returning. Congratultions youth of america. Your souls should spend the rest of their lives paying for it.

Talk about moving the goalposts. First this stimulus was rushed like a cow drive solely on what Joe Biden called a three letter word “JOBS”. The only goal this administration will achieve is a debased greenback,and a loss of confidence in the U.S.’s ability to repay it’s debt. Employment will increase in publicly funded projects and governmental growth,both typical of economies transitioning from free market to command based.But, as we know,the problem was inherited and was much larger than they thought. Nevertheless it’s working. P.T. Barnum would be proud.

“i don’t say “liberals lie” as a blanket statement”
That is because you are not intellectually lazy.

“Also keep your eye on the average work week which has been going down indicating (IMO) 1) no OT (not sure if this is factored here or not, 2) more PT and less FT jobs, and 3) people working reduced hours (and not necessarily by choice)”
I am happy to see right wingers adopt the U6 standard even if for transparently selfish reasons.

Obama is not only the father of all lies. He is also the mother of all lies

Can someone point me to where all of the 750,000 jobs that Obama is either in the process of creating or has already created? Obama and his administration claim that the Stimulus Act created 150,000 jobs in the first 100 days and starting in June (last month) they will create another 600,000 over the next 100 days. So, that means that roughly half of the second 100 days have passed.
All reports that I have seen is that the unemployment rate is still rising. More than 1.6 million jobs lost during the passage of the Stimulus Plan.
What am I missing?

Did anybody ever get out of deep debt by borrowing more money.

It doesn’t matter what standard is used to measure unemployment. It’s bad out there and Obama and Dems in Congress are making things worse.
Put money on the following:
1. The “stimulus” will be measured in the future as an epic failure
2. Any recovery will be a “jobless recovery” and 9%+ unemployment is here to stay barring any significant shake-up in government (and even that may not help given all of the debt The One is adding to what was already a very bad situation)*
* Pre-Emptive Response: Agreed, Bush was bad, but The One’s budget plans are projected within 10 years to DOUBLE the national debt of presidents 1-43 COMBINED.

“Don’t cowards usually shy away from violence?”
Someone who uses violence to settle a political argument is not a coward?
How about violence against spouses?
Sign of courage or cowardice?

“Do you feel violence has a place in political arguments?”
Did I say that?
So let’s get back to politics – Is there ANYTHING that our Dear Leader does with which you disagree? Anything of significance?

What am I missing?
Posted by: Bruce | Jul 17, 2009 3:57:34 PM
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Nothing really.
If there were anywhere near that number, trumpets would sound and the slobbering press would be carrying Obama on their shoulders into the Rose Garden – praising his name.
They are reporting nothing so ipso facto there is nothing to report.

“Is there ANYTHING that our Dear Leader does with which you disagree?”
I prefer single payer to the plan being discussed though I approve of the public option.
I have been disappointed by some of his states secrets decisions.
He has not moved very fast on LGBT issues though the admin claims to be working on it.
But I will defend him against the lies of the right wing.

But I will defend him against the lies of the right wing.
Posted by: Ryan C | Jul 17, 2009 4:37:21 PM
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What are these so called lies that you speak of?

There are now tent cities in Sacramento, CA.
CA pays more in taxes to the federal government than we get back in services. 71 cents on the dollar. Now Obama wants to pass health care,which will drain even money from CA to pay for red states, some of which do not even charge an income tax.
Plus the imbecile IOU Arnold is slashing 40,000 jobs to pay for his vehicle license fee tax cut.
People need to vote for smart, qualified people, not just the action hero or the guy who can read a good speech from the teleprompter.

I’m talking about federal taxes. CA is a donor state. For every dollar we send to Washington DC we get back only 71 cents in services.
Furthermore, it has been like this for 20 years. It didn’t matter in the past, but it matters now. It needs to stop.

“I’m talking about federal taxes. CA is a donor state. For every dollar we send to Washington DC we get back only 71 cents in services.”
I don’t doubt your assertion, but I am curious to view this data. Do you have a source?

Tip: I posted the link but they deleted it. Look up the Tax Foundation.

So the states with 10% and higher unemployment are signs of success… Jeez, what’s in the water up there in Harvard!?! Surely it MUST be spiked!!!

Summers: “but let me be absolutely clear: there is no financial institution that would be reporting the kind of positive results that we have seen in the last quarter, but for extraordinary public support provided by the government.” — These banks made EXTRAORDINARY PROFITS by TRADING UP the MARKET with TARP FUNDING. Perhaps the biggest scam in market history, orchestrated by the bankers and Capital Hill. Ponzi to the rescue!!!!!!!!!!!

I trade stocks and can tell you that the banks did not do as good as reported—–its a number game. For instance Citi actually lost money once regular accounting is applied. Goldman Sacks or Sucks like I like to call them, made plenty though since they help orchestrate this financial meltdown and have been making money off little things like Obama’s Crap and Tax attempts and of course AIG. BTW, the Great Depression was also orchestrated by pretty much the same group of GLOBALIST BANKERS AND INVESTORS WHO like marxism because it creates two classes—the ubber rich and the working slaves (consisting of workers and usual idiots that support the ubbers because they steal from the workers and give scraps to the idiots that support them.)

So does thos mean that in 7 1/2 years they will be able to tell the 50 million Americans that are left that Obama Health Care was not a failure and they will believe it?

The far righties never tell you that unemployment was 10.1% in 1983 the THIRD year of the Reagan presidency. Only an idiot would think Obama could turn the Bush depression around in just six months.

hnm,
You did not read much about the stimulus when it was proposed did you. You only listened to what Rush Limbaugh fed you. MOST of the stimulus money was not even set to be released until 2010. LOL

Matthew:
Wheres Summner’s Google reference? Not allowed to report it? Fair and balanced you say? Oh, thats right. Wrong station.
For those of you who want the ENTIRE story, Google Ecomomic Depression 2009, over and over and over again! Our wacko white house is monitoring it for the silver lining.
DUH! DUH! DUMB!

Bush flushed ONE trillion down a rat hole in Iraq and the Obama haters cheered him on.

Vote these idiots out of office.

“Unemployment rose to 10.1% in Ronald Reagan’s THIRD year as president. It had only fallen to 7.7% when he was re-elected in a landslide.” Posted by: Danielt | Jul 18, 2009 12:56:06 AM
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Danielt how dare you remind the Obamahaters of the reality of what happened under their beloved Republican god!
Confronting them with a reality in the face of their unprincipled attacks might cause them to have a seizure!
Of course the recession Reagan faced was not nearly as global in nature as this one, but that’s a minor point for the blessed ones.

Summers Says Stimulus Plan on Track Despite Job Losses….uh huh! on track just like obamas approval ratings…..DOWN!

What a liar! It is simple. The President said that if this stimulus bill was passed unemployment would not go over 8%. It has, so the bill has failed. Why? Frankly, the stupid thing was backloaded instead of front loaded. In other words, the people writing the bill and signing off on the bill screwed up. What happens now? Well, the economy is showing some signs of starting to recover and doing it without the influx of cash the stimulus should have provided. So we are taking on tons of new national debt WITHOUT any benefit, nothing to show for the 787 billion spent. Sooner or later that debt must be paid and that will drag on the economy. We have survived one recession while creating the avenue to another. Brilliant work by the people in Washington.

Obama is trying to walk down two dangerous paths without getting scratched.
He is trying to avoid the problems Carter had with Democrats being fighting his agenda almost as much as the Republicans and he is trying to keep the negatives on his programs the fault of congress not him.
To accomplish this he is stating the great results he wants for the American people and asking congress to deliver the legislation with those results.
This way the stimulus package was Pelosi’s package not his. What he wanted is somewhat included along with the benefits congress added for their “special interests” and friends.
Unfortunately we are getting the same BS as we have been getting all along that has driven the standard of living for the working person in the US down and enriched the few who developed the proper connections.
As was warned by President Eisenhower the biggest danger he say for the US was the military industrial complex. That is modern terms are the huge global corporations that control manufacturing, finances, media, health care, and food. This is where the wealth resides today. Contrary to what is put out by the media they do not have even close to the same tax burden as the working citizen does today.

Stimulus will not fail even if there is 99.9% unemployment….

Only an idiot would think Obama could turn the Bush depression around in just six months.
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Or a Republican. I am giving them the benefit of the doubt that they are not all idiots….just blinded by ideology…

It’s really quite simple. The democrats did not pass a bill that would get people back to work this year. The experts agreed that the stimulus bill that was passed was not the right way to do that. That would have required tax cuts, and the democrats could not stomach that politically. So they passed this huge spending bill that does not create jobs. But of course, some jobs will be created by the mid-term elections this year. The bill that was passed was all about the democrats retaining power. Very sad that they mortgaged our future in this way. Where are the 4 – 6 million jobs you promised, President Obama? We’re watching.

Lets see if I can get this right:
Congress spent massive amounts of money to bail out the banks and auto industry to protect the citizens from catastrophic finacal meltdown. The result is a trillion dollar deficit, spiraling unemployment and record profits for the banks. We got taken to the cleaners.
Here is an idea: Nationalize the banks and apply those profits to the deficit.

jjsmith: “The experts agreed that the stimulus bill that was passed was not the right way to do that. That would have required tax cuts, and the democrats could not stomach that politically.”
That’s FALSE. Paul Krugman, a Nobel Prize winning economist said that the stimulus bill had to be about 2 trillion dollars, big enough to create enough jobs to dwarf rising unemployment. He also said that some money had to be given to small business because they create the jobs. He also said that it had to be expedited quickly, and directly to the cities and regions that need it. Sending it to the states just slows down the process.
Obama did not listen to him. Krugman also said that if they didn’t get this right it would lead to another wave of foreclosures and a bad economy that could last for years.

Heck yeah, the unemployment rate in my state has gone from 10% to 15%, thanks to the “stimulus.” Please don’t pass another one or we will be in the same condition as California!!

Danita- You seem to know every administration talking point inside out, tell us oh informed one, why is unemployment going up?

Danita- as you lay it out for us, please refrain from using vague and fuzzy terms like world economic crisis.