Wednesday, February 17, 2010

Drowning in Red Ink

The Obama administration thinks borrowing more money to create spindly legged job programs will get us out of the unemployment problem. So far the most optimistic forecast for the unemployment problem is that we have created or SAVED up to 2 million jobs since last February 17th when the 800 billion dollar stimulus bill was rammed through Congress with nary a Republican vote or one single person having read it.

The CBO says that that number may actually be as low as 600,000.

Two million jobs gained but we haven't had a single job growth month yet. The unemployment rate hovers around 10 percent when it was 7 percent the day Obama was elected. Somebody's lying.

So let's spend some more money to fatten the wallets of politicians and keep their progeny employed. Federal jobs increased by 8% while the national unemployment rate stayed at 10%.

And now this. Via ABC News

"Economic forecasters say future generations of Americans could have a substantially lower standard of living than their predecessors' for the first time in the country's history if the debt is not brought under control.

Government debt, which fuels the risk of inflation, could make everyday Americans' savings worth less. Higher interest rates would make it harder for consumers and businesses to borrow. Wages would remain stagnant and fewer jobs would be created. The government's ability to cut taxes or provide a safety net would also be weakened, economists say."

And they wonder where these crazy tea partiers are coming from.

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