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White House Defends Stimulus With Blatant Lies

From an unquestioning Associated Press:

White House defends stimulus bill five years later

February 17, 2014

RANCHO MIRAGE, Calif. — The costly $787 billion spending bill that President Barack Obama signed into law soon after taking office boosted the economy and helped avoid another Great Depression, the White House said in a status report on Monday’s fifth anniversary of the law’s enactment…

‘Rancho Mirage’ is right. First, the CBO said in February 2012 (a pdf file) that the Obama stimulus cost at least $831 billion.

Secondly, as the Wall Street Journal noted yesterday, the stimulus permanently raised US spending from"from less than $3 trillion in 2008 to $3.5 trillion in 2009, where federal spending has roughly remained ever since."

So the four years in which we have spend $500 hundred billions should also be counted as the price of the stimulus. Which brings us to a grand total well over $2 trillion dollars.

White House economic adviser Jason Furman said the American Recovery and Reinvestment Act made other targeted investments that will pay dividends for years to come.

Any minute now. (It’s only been five years.)

By itself, the stimulus bill saved or created an average of 1.6 million jobs a year for four years through the end of 2012, Furman said in a White House blog post.

"Saved or created" is the weasel phrase the Obama administration coined in order to claim that giving money to their union cronies saved jobs.

Half of the total fiscal support for the economy, or about $689 billion, from the recovery act and subsequent measures was in the form of tax cuts directed mostly at families. The remainder was spent on such things as rebuilding roads and bridges, preventing teacher layoffs and providing temporary help for people who lost their jobs or needed other assistance because of the poor economy.

This is another blatant lie. As as the Wall Street Journal also noted yesterday, the administration "spent only about 10% [of the stimulus] on promised infrastructure." And it’s also very hard to see how the $500 billion a year increase in federal spending can be chalked up to tax cuts.

The report said recovery act spending will have a positive effect on long-run growth, boost the economy’s potential output and ultimately offset much of the law’s initial cost.

And minute now. (It’s only been five years.)

[Furman] noted that the report focused solely on the effects of fiscal legislation. It did not evaluate other administration policies that aided the recovery, such as stabilizing the financial system, rescuing the auto industry and supporting the housing sector.

Which are more outrageous lies. The stimulus didn’t address any of those sectors. They were all bailed out via TARP.

Furman said the economy is “undoubtedly in a stronger position” because it has grown for 11 straight months, although not at a pace that would be considered robust…

And never mind that despite the biggest stimulus in the history of the country by far, we have the worst recovery in the history of the country by far.

Businesses have also added 8.5 million jobs since early 2010. Obama initially sold the stimulus as an investment that would produce a dramatic decrease in unemployment that ultimately did not materialize.

Unemployment remains high, at 6.6 percent in January, though it has fallen considerably since reaching double-digit highs early in Obama’s administration. Some of the decline, however, is due to people dropping out of the workforce. People aren’t considered unemployed if they aren’t looking for work…

Not "some of the decline." All of the decline.

This article was posted by Steve on Tuesday, February 18th, 2014. Comments are currently closed.

3 Responses to “White House Defends Stimulus With Blatant Lies”

  1. Right of the People says:

    The only long term growth has been in the Dimocraps coffers.

  2. canary says:

    Soup lines were replaced with food stamps.

  3. Mithrandir says:

    2 web-links for the S&L archives, for those late at arriving at the Stimulus conclusion:

    Stimulus Money: A Slush Fund for Unions and Democrats
    Breitbart: Big Government: http://tinyurl.com/o4n6psz

    Google: Democrat Money Laundering Scheme

    *Democrat politics is boiled down into the 1st Amendment of the Democrat Constitution: “As long as you send money, show up for riots protest marches, campaign for us, send union dues, we will KEEP SCORE, and in-turn, protect you with the same level of intensity that you showed us. All taxes will be collected and redistributed solely to you, by way of patronage, -a percentage will be removed for re-election campaigns, so that we can expand your numbers.” Repeat.

    2nd Amendment: Segregating and Compiling Voting Blocs.

    3rd Amendment: Establishing, Inventing, Promoting Endless Wedge Issues.

    4th Amendment: Propaganda

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