 merrie says: Meanwhile, Tax Revenues Have Plummeted: "Tax revenue for the first three quarters of 2009 has fallen by approximately $350 billion, or 17 percent compared to the same period last year... Unemployment benefits have more than doubled, Medicaid spending has grown by a quarter and Medicare spending has increased by 11 percent." The S&P 500 is wildly overvalued using any conventional measure: The S&P 500's price-to-earnings (PE) is over 140 today. It was over 100 during the first quarter of 2009, "a level never before reached in the index's history". 'Cash for Clunkers' is a Disaster: While the sycophants of stimulus are crowing about an 11.5 million unit annualized sales rate for (for July and August), 80% of the top-selling models are foreign. Typical of Politburo-style, centralized planning efforts, the unintended consequences of the program have yet to be felt; "..what of the lower-income Americans who depended on those cars - the clunkers - to be able to afford any . . . . . . transportation at all? Are they supposed to walk - or starve? When I was younger I was one of those individuals; today, this program would have left me unable to afford a car so I could get to work. I’m sure all the college students and recent grads, struggling to find a job, are saying ‘Thanks Mr. President for destroying all the cars we could afford to buy.’” The ‘Green Jobs’ Myth: “…experts in economics and the energy industry say having more people work in alternative energy will actually lower our standard of living, by making energy more expensive.” James Hamilton, a professor of economics at UC San Diego, calls the assertion that funding green jobs will improve employment a “pr... I am amused at how they try to sell a drop in unemployment as hundreds of thousands of jobs continue to be lost as a good thing. |
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