Obama Stimulus Package-- Waste of Money?

Jermyn Davidson · #1 10-01-2010, 07:56 AM

Well that is what some would like to say, but where is there proof?

http://news.yahoo.com/s/time/08599202278100

scotty · #2 10-01-2010, 08:23 AM

Ummmm, ok, so , He got some money out to fund some projects with little to no fraud. Whats the point exactly ? Hey, I will give him kudos for that, woohoo. But the facts remain, unemployment is high, the taxpayer will still have to pay this back and it did not "stimulate" anything but some senators personal projects in their home states. Did I miss something ?

coadie · #3 10-01-2010, 09:17 AM

More cut and paste news from yahoo.com

The Obama drones claim the stimulus helped.

coadie · #4 10-01-2010, 09:23 AM

The first 6 months of the plan.

Quote:

A little over a month ago,Julu 09) the Administration said the stimulus bill had created or saved 150,000 jobs. That's a far cry from the 3 million to 4 million jobs that Romer and Bernstein foresaw back in January.

Read more: http://www.time.com/time/business/ar...#ixzz117J4Y03B

So while it promised to create 3 million jobs, it lost that many and created 150,000

coadie · #5 10-01-2010, 09:25 AM

As $800,000+ of the stimulus money goes to teaching South Africans how to wash their penises, here in the US $111 million was spent on creating 55 jobs in Los Angeles. And it’s not even clear if there were 55 jobs actually created, since the city controller phrased it in terms of “created or retained” (emphasis added):

The Los Angeles City Controller said on Thursday the city’s use of its share of the $800 billion federal stimulus fund has been disappointing.

The city received $111 million in stimulus under American Recovery and Reinvestment Act (ARRA) approved by the Congress more than year ago.

“I’m disappointed that we’ve only created or retained 55 jobs after receiving $111 million,” says Wendy Greuel, the city’s controller, while releasing an audit report.

Where did $2 million per job go?

The audit says the numbers were disappointing due to bureaucratic red tape, absence of competitive bidding for projects in private sectors, inappropriate tracking of stimulus money and a laxity in bringing out timely job reports.

Sam · #6 10-01-2010, 05:14 PM

Quote:

Originally Posted by coadie

...$800,000+ of the stimulus money goes to teaching South Africans how to wash their penises, ....

Well, it is pretty important to clean them things up now and then.......

Jermyn Davidson · #7 10-01-2010, 05:23 PM

As basic as teaching them to wash their penises may sound, the South Africans were hit hard by HIV and their traditional medicine men were giving out medical advice like, if you have sex with a newborn, the purity of the newborn will cleanse you from the disease.

Baffling and very sad.

That may have been the best invested $800,000 spent by the government in a long time.

Jermyn Davidson · #8 10-01-2010, 05:25 PM

Quote:

Originally Posted by coadie

The first 6 months of the plan.

Read more: http://www.time.com/time/business/ar...#ixzz117J4Y03B

So while it promised to create 3 million jobs, it lost that many and created 150,000

Coadie,

Your Time article is well over a year old.

All of the affects (good or bad) of the stimulus package will not be felt for years to come.

Jermyn Davidson · #9 10-01-2010, 05:27 PM

Can't blame what happened in LA on Obama or the Feds.

Reads like poor management of resources at the state and local level.

coadie · #10 10-01-2010, 05:49 PM

Quote:

Originally Posted by Jermyn Davidson

Coadie,

Your Time article is well over a year old.

All of the affects (good or bad) of the stimulus package will not be felt for years to come.

I know it. The dishonest claims were that it would save jobs immediately. In terms of economics, The damage will be felt for years.

You have no economics education. Obama surrounded himself with advisors that would parrot his claims like drones.

I have more econ classes than you Geithner and Obama put together.

Actually the stimulus was used by many governments to pay delinquent bills and really didn't go to job creation.

2007 134952000
2008 136973000 End of Bush year
2009 129971000 End of Obama's first year
Total employment.

On top of that the work force has grown by 5 million while employment dropped by 7 million.

The dems lie about the value of the stimulus and the data tells the truth.
It is ironic they publish estimates and the revised figures are always worse.