Economy Needs More Stimulation?

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.

http://www.youtube.com/v/gNeaVHQDhYM&hl=en&fs=1&color1=0x2b405b&color2=0x6b8ab6

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.

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7 responses to “Economy Needs More Stimulation?

  1. AndersonScooper

    Let’s remember, ladies and gentlemen, that in the face of the worst recession of my lifetime, the CT GOP’s plan was to do precisely nothing.

    Well that’s not fair. The free marketers were willing to cross their fingers, and pray!

  2. AndersonScooper

    Let’s remember, ladies and gentlemen, that in the face of the worst recession of my lifetime, the CT GOP’s plan was to do precisely nothing.

    Well that’s not exactly fair. The free marketers were willing to cross their fingers, and pray!

  3. Your post wasn’t any funnier (or more accurate) the second time.

  4. What a shock!

    Blowing cash all over the place without targeting doesn’t work?

    Who would’a thought?

    Until we start selling cars in meaningful numbers , the economy will remain dormant or worse.

    Now that we’ve scared half the country into not buying anything instead of giving them a reason to; (the scrap your car plan will bomb) what was anyone expecting?

  5. Your post wasn’t any funnier (or more accurate) the second time.

    I don’t know, I kind of laughed harder the second time I read it. 🙂

  6. WTNH quotes Simmons at the end of their piece. What about Caliguiri? Foley? Are these guys getting out there or is Simmons walking away with the nomination?

  7. wtfdnucsailor

    Connecticut’s share of the stimulus is tied up in CONNDOT red tape. Waterford has an approved project and the bureaucrats at CONNDOT have asked for new and different forms before they will release the funds. Other cities and towns are in the same boat because CONNDOT changed the rules midstream. At this rate CT’s share of the stimulus will reach the market place some time in 2011.

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