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Is the Stimulus Working?

July 09, 2009 8:50 AM

The president today will chair the Major Economies Forum to discuss the state of the global economy from Europe to Indonesia. But back home a rising chorus is wondering if the economic plan for the U.S. is working... and if it's enough.

The jobless claims for the month of June bring unemployment close to an astounding 10 percent, while the stock market this week has plunged to its lowest since April 30th.

It's been five months since the colossal $787 billion dollar stimulus package was signed, with only about $56 billion of it having been distributed.

We took a look at this question on GMA this morning:

-- jpt

July 9, 2009 in Obama, Barack | Permalink | Share | User Comments (82)

User Comments

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Is VP Joe Biden a foreign policy expert?
The answer to both questions is a
Resounding No!
This disasterous bill which was rushed
through Congress without giving anyone
a chance to read it five months later
is a failure.
Unemployment has gone from 8 percent
before the stimulus to 9.5 percent and
climbing.
Hardly any of the 787 billion dollars
have been spent.
What happened to the "shovel ready"
projects?

Posted by: reaganfan | Jul 11, 2009 2:47:44 PM

Vanhoopcoach wrote: "I hope that during each of President Obama's eight budgets that he'll continue to raise taxes on the top 1 and top five percent of earners."

First of all, based on the latest IRS statistics--2006--the top 5% of the nations wage earners are those making at least $153,542. So to raise taxes on the top 5% would (again) break President Obama's promise that those making less than $250,000 would have no tax increases--"not any of your taxes."

The wealthy changed their spending habits due to then candidate Obama's rhetoric. And look at how many jobs were lost because of that rhetoric. When Congress actually raises the income tax on those making at least $250,000 even more jobs will be lost. So will it really please you to have consistent job losses for the next eight years? Punishing the wealthy will actually hurt the middle class and the poor even more. If you continue to overtax those making over $250,000, eventually many will chose to no longer make over $250,000. That will result in even less revenue for the federal government, which will in turn mean less benefits for the poor.

Posted by: James Danley | Jul 10, 2009 6:10:33 PM

You fat-cats go get ya checkbook!

Posted by: vanhoopcoach | Jul 10, 2009 5:14:51 PM

I think Obama is doing a real good job.
He refuses to allow my nation to be held hostage by big oil and corporations who have enjoyed tax breaks and failed to provide job growth.
President Bush had a 1% growth rate after catering to the wealthy, making a bigger divide between classes than at any time in my country's history.
He's made mistakes and he'll make more during the next seven and one half years.
He did a good job with th apology tour, after Bush turned the world against us with the ignorance that is Iraq.
President Obama was not saying he was sorry for America, he was telling the world that he was sorry that we had a policy and administration like lil Bush' that nearly crushed our economy and and tried world division.
Wow, I am glad to see a prez who actually thinks America has a future.
And, I'm glad to see the moaning and crying from the republican party.
I hope that during each of President Obama's eight budgets that he'll continue to raise taxes on the top 1 and top five percent of earners.
I suggest that we make fat-cat raises mandatory.
I like to hear the crying republicans, I really do.

Posted by: vanhoopcoach | Jul 10, 2009 5:11:51 PM

Ironically, President Obama has seen some of "the light" and has continued some of the Bush policies that he (then candidate Obama) and the Left railed against. Posted by: James Danley | Jul 10, 2009 10:38:59 AM
____________________________________

Interestingly, Mark Steyne has his own take on this. Obama could care less about any of the policies that do not specifically give him control of the country. He doesn't care if he supports them or not, breaks a promise or continues Bush policy. And he ignores any blowback that may occur.

Posted by: Traffic Cop Timmy | Jul 10, 2009 1:47:17 PM

To add to what Traffic Cop Timmy stated, I would not consider someone who was mentored for 5 years as a teenager by Frank Marshall Davis (a known Communist); who later studied under the principles of Saul D. Alinski (a known Communist); and then spent 20 years listening to and being mentored by the radical Rev. Jeremiah A. Wright, Jr., a moderate.

Posted by: James Danley | Jul 10, 2009 1:36:51 PM

Truth is he has no respect for this country and what it stands for.Posted by: Traffic Cop Timmy | Jul 9, 2009 1:59:59 PM

What makes you think that Obama doesn't care about this country? Posted by: borneo | Jul 9, 2009 2:50:28 PM
__________________________________

borneo, I'm going to try to express my views of President Obama. Obama grew up in an entirely different world than I did. It appears to me that he never got a sense of the "good" history of this country, other than what he read. His experiences are understandably viewed through a different lens than mine. I'm not sure he has ever tried to "see" the America that I and many others know. He is almost apathetic about it. For him, it's just a place to live - just another country among many. I never see him express any passion for it.

I don't think Obama wants to experience the America I know. He is comfortable with what he knows and doesn't want to upset his ideology. He's got us all compartmentalized and doesn't care to disrupt that. This may be conscious or not. I don't know.

Obama has made up his mind that these wrongs need to be made right. He wants to level the playing field and redistribute wealth. He assumes that they don't deserve their wealth, they have more than they need anyway, and they probably screwed someone somewhare to get it. So it's "only right." At times, it is good to level the playing field - many injustices need to be addressed. The problem with wealth is you can't just give people things. They won't appreciate it and will most likely squander it away. If people work hard to earn their wealth, it will mean much more to them and they will be much more vigilant about how they spend it.

So I guess that's some of what I mean when I say he doesn't respect America. I hope I have expressed this clearly and I hope you read this and respond.

Posted by: Traffic Cop Timmy | Jul 10, 2009 11:41:01 AM

Nice reaching out. Again - you live in a fantasy world if you think this is how bridges are built. You create your own world. Posted by: danita | Jul 10, 2009 12:38:33 AM
___________________________________

Actually, danita, if you could find my first few posts you would find that they were fairly tame. Then I experienced the likes of you, jhm and Ryan_C piling on so I struck back thinking "ok, if this is how it's gonna be on this site, I'll act like they accuse me of."

I might have reacted differently if you had responded to my first few posts by "reaching across the aisle" - as Obama would want you to. borneo for example, and some others, have been relatively decent and I have tried to react in kind and apologize when I am wrong.

As far as my view/comments about Obama, I share many of the same opinions about him as others. You react the way you do because you disagree with me and you and others like Ryan_C are determined to drive opposing opinions off this site. I know you say you are fighting the lies and smears but that is only part of it.

My opinions cannot ALL be wrong or misguided but you attack every one of them. You literally search me out on this blog to ridicule me with your sarcasm. So I have responded to you in kind.

I'm sure you think you know all about me but none of us on this blog really no anything about each other - just what we choose to reveal. I've revealed a few things about myself that are actually true. But you have already formed your opinion of me so you are blind to these. Your constant harping on me about "tell me more about the rapture" is one example. Until the moderators started removing your taunts, you did it every chance you got. You assumed I was some sort of religious extremist or something because of one off-handed remark I made weeks before. This was your version of an honest and open discussion?

I still say that "your team won" and it was up to you to make the first effort. You did not. Because of others, you made assumptions about me and the rest is history. In my opinions, you are a poor example of Obama's Hope and Change.

Posted by: Traffic Cop Timmy | Jul 10, 2009 10:42:33 AM

Danita, no offense but when you write "...you do not take a fair nor balanced approach pointing out good points and bad, you simply smear and attack...," you actually describe your own comments towards President Bush.

History will certainly be a lot kinder to President Bush than how the Left continues to portray him. Ironically, President Obama has seen some of "the light" and has continued some of the Bush policies that he (then candidate Obama) and the Left railed against.

Posted by: James Danley | Jul 10, 2009 10:38:59 AM

I HAVE BEEN IN ACADEMIC SETTINGS WHERE THERE WERE LOTS OF "OBAMAS." VERY NICE PEOPLE WITH GOOD FEELINGS AND INTENTIONS TOWARDS OTHERS. PROBLEM WAS THAT THEY NEVER GOT BEYOND ACADEMIA IN THEIR BELIEFS. MOST PEOPLE EVENTUALLY ACQUIRE AN UNDERSTANDING OF WHAT WORKS, HOW IT WORKS - AND WHAT DOESN'T WORK. SOME DON'T ACQUIRE THAT UNDERSTANDING AND I HAVE TO PUT OBAMA IN THAT GROUP.

Posted by: Jimbo | Jul 10, 2009 6:22:12 AM

While I don't agree with Traffic Cop completely - Obama is our president and I hope he provides wise leadership, I must say the Traffic Cop is spot on, on his analysis of Obama. Obama is a globalist and socialist and has no understanding or appreciation of what has made this country the most productive, prosperous and generous country in the world. Democracy, capitalism and the Judeo/Christian ethic are three major factors present. Obama is destroying this great nation. I think that it is through his ignorance rather than intent. I could change my mind on that.

Posted by: Jimbo | Jul 10, 2009 6:05:00 AM

Timmy . ..

You insult the President and his family at every occasion, you come here day in and day out to ridicule and attack the man day out, you do not take a fair nor balanced approach pointing out good points and bad, you simply smear and attack, and you spout extreme right wing garble non-stop without a second thought. Nice reaching out. Again - you live in a fantasy world if you think this is how bridges are built.

You create your own world.

Posted by: danita | Jul 10, 2009 12:38:33 AM

If there was any one message that defined the Obama campaign from the beginning, it was his promise to rise above the petty politics of division and unite the country. ... If we are to come together as a nation once again, conceived in the thought of liberty, then let the man do his job, stop the pettiness and let congress back him up!
Posted by: Danielle Watson | Jul 9, 2009 3:59:34 PM
_________________________________

Interesting that NOW you are concerned about bipartisanship and letting him do his job. You (meaning liberals) railed against us and Bush for 8 years!

If the campaign was all about reaching across the aisle, why aren't Danita and Ryan_C reaching across the aisle to us. They have called me liar, questioned my intelligence, and worse. Where is their bipartisanship? They won, remember? Since when does the loser reach across the aisle?

The two parties are political opposites. They will never agree on major issues. The Democrats are in control of the congress and the WH. It is up to them to offer the hand of bipartisanship. I won't hold my breath.

And if Obama is so concerned with this, why does he cut the Republicans out of the process every chance he gets.

I do not want President Obama to do his job. I don't agree with his policies and methods and I don't trust him. I will fight him all the way in what little ways I can. And I won't vote for him.

Interesting that it seems the President is being more moderate in some of his decisions that don't advance his control goals, like most of his foreign policy. And I've come to conclude that his "apology tour" was more of an appeasement tour so he could come home and continue to dismantle this country undisturbed.

Posted by: Traffic Cop Timmy | Jul 9, 2009 11:52:03 PM

Danita, I think Borneo makes a good argument that Obama is a pragmatist. However, Obama is a pragmatic liberal. Is there something wrong with that?

To say Obama is not a liberal is to ignore much of his foreign policy emphasis (nuclear disarmament, for example) and his approach to domestic economic policy (throw government money at it) and to social problems (get the government more involved).

Posted by: moderate | Jul 9, 2009 10:16:39 PM

Is the Stimulus Working?

Is this a trick question??

;-)

Posted by: drjohn | Jul 9, 2009 7:53:53 PM

THE ONLY WAY ANY STIMULUS PACKAGE CAN BE SUCCESSFUL IS TO STIMULATE PRIVATE ENTERPRISE. IT IS ONLY PRIVATE ENTERPRISE THAT CAN CREATE ECONOMIC VALUE WHILE PULLING THE CART THAT ALMOST EVERYBODY ELSE IS RIDING IN.(The cart keeps getting a lot fuller with each additional government program).

THROWING MONEY AT MAKE WOK JOBS AND PROPPING UP STATE GOVERNMENTS THAT HAVE BEEN IRRESPONSIBLE IS JUST BLOWING INTO THE WIND AND WILL ONLY SADDLE OUR CHILDREN AND GRANDCHILDREN WITH TRILLIONS IN DEBT.

Posted by: Jimbo | Jul 9, 2009 7:22:54 PM

"You can make an argument that the president is a pragmatist. You make make an argument that he is a realist. But you cannot make a serious argument that he is a moderate."
posted by the phony moderate . ..

Well in fact Borneo did make that very argument and provided some context.

Posted by: danita | Jul 9, 2009 6:54:08 PM

THIS IS THE "NEW DEAL" ALL OVER AGAIN - DEALING ALL OF US POOR SLOBS OUT THE THE LOOP WHILE MR. WONDERFUL CAN JAM THROUGH HIS "FEEL GOOD" PROGRAMS THAT HAVE PROVED A DISASTER IN EUROPE.

Posted by: Jimbo | Jul 9, 2009 6:49:34 PM

Pelosi, Rahm, Axelrod, Obama are doing
their best to crush opposition to their
delusions of grandeur. The MSM are
willing participants. The GOP squawks
occasionally, but has no coherence.
The wild card in this unprecedented
power-grab is the American prople. They
are slow to anger but powerful when
they think they've been "had". The early
Dem bravado is crumbling. My God,
even the cable shows are hinting that
all is not well in Obamaland! People
are starting to look for REAL hope
and change. The harder the Dems push
the more resistance they will meet.
It's the way of politics.

Posted by: Trajan | Jul 9, 2009 5:59:11 PM

Borneo, of course I took notice when you wrote, of President Obama of all people, "The guy is a moderate." That's the funniest thing I have heard all day. You made me laugh. Thanks!

you weren't serious, were you? You can make an argument that the president is a pragmatist. You make make an argument that he is a realist. But you cannot make a serious argument that he is a moderate.

Posted by: moderate | Jul 9, 2009 4:59:05 PM

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