Friday, July 03, 2009

Over Stimulated? Apparently not!

In April of 2008 Bush and Pelosi passed a $168 billion stimulus bill which they said would prevent a recession. The jobless rate was then 4.8%. Next comes Obama who, vowing not to be outdone by Bush, got in bed with Pelosi again and rammed through a $768 billion stimulus bill which nobody had read. This legislation was designed to do almost everything but create jobs and it is proving to be less than effective as the jobless rate is about 17% if you include folks who are discouraged from looking for work and those working part-time who want full-time jobs. The official rate is 9.5%.

So we have an apparent lack of success with stimulus bills. We also have a minimum wage hike going into effect on July 24th which will hardly induce further hiring of those entering the job market for the first time or with limited skills. Something needs to be done and a predictable suggestion comes from Paul Krugman, the liberal Nobel Laureate who writes left-wing drivel for the New York Times. He says---passionately--- that Obama needs to get busy and pass another stimulus bill. Read it here. Yes, it fits the classic definition of insanity. Do the same thing over and over while expecting a different result.

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