17 December 2009

So I Guess They Concede The Stimulus Failed To Stimulate Jobs

The $700 Billion + Stimulus package was sold as a jobs bill. That the Democrats are compelled to pass more spending to creats jobs is a concession that the Stimulus failed.

So, of course, the answer is ...... wait for it ....... more stimulus spending!

House narrowly passes Pelosi's $174B jobs bill

The House narrowly passed Speaker Nancy Pelosi's (D-Calif.) $174 billion jobs bill Wednesday, only after Pelosi and other party leaders yelled, pleaded and cajoled reluctant Democrats worried over deficit spending.

The vote was 217-212. No Republicans voted for the bill, and 38 Democrats voted against it.

It was the second suspenseful vote of what House members hope was their last workday in 2009. Democratic leaders also had to lobby members from conservative districts to pass a $300 billion increase in the debt limit.

The close votes reflect the growing unease among centrist Democrats that the deficit spending that Congress has undertaken to right the economy is becoming a potent campaign issue.

But Democrats facing tough re-election fights found themselves trying to determine if voters are angrier about 10 percent unemployment or trillions in deficits.

Oh, don't waste time trying to figure it out. We are angry about both.

1 comment:

Anonymous said...

I agree whig we are angry about both. But we have to choose one or the other. If we choose unemployment the next waves of ARM resets which will crest in early 2011 is going to drive unemployment to near 15%, possibly even 20% even in the feeble countring techniques the governbment currently uses. The real unemployment rate will push well into the 20's. This is because the next wave of ARM reset and the corporate credit market are going to send a wave of bankruptcies across the nation affecting mainly small businesses. Unemployment that high is going to cuase just about every seat in both houses that is up to be in deep waters in 2010. The encumbants of both parties are going to be in trouble, the Republicans because of the Bush legacy, and the Democrats because of the Obama legend based on hot air, and both because of the reality on the ground. But already the dollar is precariously situated relative to oil and gold, and hyperinflation is a real risk. Hyperinflation will put the day of reckoning off for a while and it will make the voters think that it was some unknowable invisible force that caused bread to cost $10 a loaf.
There is no way to choose a mderate option in this issue. You either allow deflation, which will punish severely those who have overextended themselves, or you allow inflation.

But what I do smell in all of this is an opportunity in the 2010 elections for a mature whig candidate to get a seat in the House or possibly even the Senate.