On Friday last week, the Bureau of Labor Statistics released employment numbers which revealed an economy still in trouble, as an estimated 467k jobs were lost in June.
Many people are rightly casting suspicious looks at the Stimulus Act – the $767 billion package that was suppose to “end the downward spiral” in the economy, as President Obama put it.
The Yankee Institute commissioned a study (PDF) on the effects of the stimulus in Connecticut that found dismal results:
We find that with the notable exception of infrastructure spending, the largest sources of stimulus funds to Connecticut will go to industries that are the least affected by the current recession. We also conclude that less 40 percent (38.2%) of the stimulus funds for Connecticut for purposes of state spending (not tax breaks) will likely have any potential for creating new jobs in the state.
With these results in mind, U.S. Senator Chris Dodd’s remarks on yet another stimulus package are remarkable.
At what point will they stop repeating the same poor policy mistakes? President Obama has continued the failed policy of President Bush in this regard, and Sen. Dodd seems enthusiastic to go along with it.