Obama stimulus II – not ready for prime time
When asked today about a second stimulus bill, Obama said, "Not until I see how the economy evolves and how effective the first stimulus is, (it) was the first thing I did just a couple of weeks after I took control of the economy. It’s now obvious that I completely missed the mark, in terms of where unemployment would go. It's pretty clear now that (it) will go way over 10 percent."
That compares with the earlier White House unemployment forecasts of 8.1% for this year and 7.9% for 2010. This was not the only unrealistic economic assumption, used by Obama, when he was drumming-up support for his $1.845 trillion deficit budget, a mere quadrupling of the 2008 Bush budget shortfall.
When Joe Biden was asked about the first stimulus bill he said, “We've got to create more jobs now; these jobs that we are going to be creating are designed for not only the immediate impact of the creation of that job, but for the future prosperity of the country.”
In Arapahoe County, CO Obama’s stimulus money is being spread around as supplemental Community Development Block Grants (CDBG) through HUD. Like most units of government around the country, Arapahoe CO has solicited proposals for CDBG funds for over 40 years. Nonetheless, after being notified that this extra Obama cash would be coming, the Arapahoe County Commissioners decided to solicit new “green” projects, rather than simply fund previously submitted and reviewed “shovel-ready” projects, which hadn’t made the cut in previous years.
Four months after jamming this bill into law, not a dime of stimulus money has been spent and according to Arapahoe Co officials, it’ll be well into the Fall or even next year before anyone is hired, using this money. Even then, most of the pending projects call for employing a couple of people for a few days at most. And, most of these jobs will be subcontracted to private firms who will (probably) just assign their regular employees to do the work (i.e. electrical, insulation, weather-stripping). At the end of the day, few if any, new jobs will be created and, despite Joe Biden’s happy-talk, long-term unemployment will unaffected.