Stimulus package a public relations lie

8.30.10 – Shocker! Stimulus not about jobs 3 million unemployed under Obama plan. President Obama's $787 billion economic stimulus plan never was about creating jobs, "shovel-ready" or any other kind for that matter.

Obama supporters are now admitting that the goal of the stimulus all along was to pursue an ideological mission, to engage in “a long-term push to change the country” by promoting a far-left ideological agenda that included promoting renewable energy. The jobs part was just an afterthought, or a public relations lie, truth be told.

 

What Obama supporters want to cover up is that instead of creating 3.5 million jobs, as Obama promised when the stimulus plan was first hyped from the White House, the reality is that 3 million jobs have been lost under Obama.

 

The admission by Obama supporters that the stimulus plan was never about job creation was made in an article written this week by journalist Michael Grunwald’s article in Time magazine, titled “How the stimulus is changing America.”

 

Writing about the “fun stuff” in the American Recovery and Reinvestment Act of 2009, Grunwald noted that one-sixth of the total cost was devoted to “an all-out effort to exploit the crisis to make green energy, green building and green transportation real; launch green manufacturing industries; computerize a pen-and paper health system; promote data-driven school reforms; and ramp up the research of the future.”

 

Grunwald further admitted, “the Recovery Act is the most ambitious energy legislation in history, converting the Energy Department into the world’s largest venture-capital fund.”

 

He praised the stimulus bill for “pouring $90 billion into clean energy, including unprecedented investments in a smart grid; energy efficiency; electric cars; renewable power from the sun, wind and earth; cleaner coal; advanced biofuels; and factories to manufacture green stuff in the U.S.”

 

So, the job creation was all just a sales pitch by an ideologically driven Obama White House that was afraid to tell the American people outright that the economic crisis was just being exploited to push a green agenda?

 

That appears to be a large part of what Grunwald is saying.

 

‘Created or saved’ jobs

 

Meanwhile, last week the Congressional Budget Office joined the effort to promote the American Recovery and Reinvestment Act of 2009 as a job-creating bill.

 

In a report estimating the impact of the stimulus plan, the CBO creamed the measure increased the number of people employee by between 1.4 million and 3.3 million.

 

The CBO did not explain why the estimate could not have been narrowed to a more reasonable range, nor did the CBO try to reconcile the number of people employed estimate with its statement in the report that some of the jobs “might have existed even without the stimulus package, with employees working on the same activities or other activities.”

 

Unfortunately for the Obama administration, a report released on Jan. 10, 2009, by Christina Romer, who was then a nominee to the Council of Economic Advisors, and Jared Bernstein, then with the office of the vice president-elect, suggested that unemployment would not top 8 percent if the economic stimulus plan were passed, an idea that managed to stick as a promise in much subsequent press reporting and in the public imagination.

 

The problem was that in March 2009, the national unemployment rate was 8.5 percent, and by June 2010, the rate was 9.5 percent.

 

Christina Romer emerged in the Obama administration to be the chair of the Council of Economic Advisors, and Jared Bernstein was appointed the chief economist and economic policy advisor to Vice President Joe Biden.

 

On Sept. 3, Romer’s resignation from the Obama White House becomes effective, a clear sign her advice is no longer welcome within the administration.

 

3 million jobs lost under Obama

 

The actual record that Obama supporters do not want publicized is that under Obama’s watch, some 3 million jobs have been lost.

 

The following chart produced by the Heritage Foundation tells the story:

 

With 3 million jobs lost since Obama became president and the 3.5 million jobs Obama promised would be created if the stimulus plan were passed, Heritage concludes the Obama jobs deficit for 2010 stands at 7.6 million jobs.

 

Writing about the “Obama jobs deficit” on the Heritage website, economist J.D. Foster noted, “The time for ideological experiments and feel-good policies is over.”

 

 

ABOUT THE AUTHOR: Jerome R. Corsi received a Ph.D. from Harvard University in political science in 1972. He is the author of the #1 New York Times bestselling books THE OBAMA NATION: LEFTIST POLITICS AND THE CULT OF PERSONALITY and the co-author of UNFIT FOR COMMAND: SWIFT BOAT VETERANS SPEAK OUT AGAINST JOHN KERRY. He is also the author of AMERICA FOR SALE, THE LATE GREAT U.S.A., and WHY ISRAEL CAN’T WAIT. Currently, Dr. Corsi is a Senior Managing Director in the Financial Services Group at Gilford Securities as well as a senior staff writer for WorldNetDaily.com.

 

 

ABOUT GILFORD SECURITIES: Gilford Securities, founded in 1979, is a full-service boutique investment firm headquartered in New York City providing an array of financial services to institutional and retail clients. From investment banking and equity research to retirement planning and wealth management services, our financial experts are prepared to accommodate the needs of investors. For more information about Gilford Securities please visit, Click Here: http://www.gilfordsecurities.com/financial-services-group.php

 

The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect Gilford Securities Incorporated’s views, opinions, positions or strategies. Gilford Securities Incorporated makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information expressed herein  and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.

 

 

ABOUT RED ALERT: Jerome Corsi’s RED ALERT is your weekly, global financial strategies newsletter. Designed to be your guide to economic trends in the best of times and the worst of times, it is edited by New York Times best-selling author Jerome Corsi, Senior Managing Director of the Financial Services Group at Gilford Securities as well as a WND senior staff writer and columnist. For 25 years, Corsi worked with banks throughout the U.S. and the world developing financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. Corsi developed three third-party financial services marketing firms that reached annual gross sales levels of $1 billion in annuities and equal volume in mutual funds. Corsi received his Ph.D. in political science from Harvard University in 1972.

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August 30th, 2010

Jimmy Kilpatrick

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