Saturday, February 20, 2010

The 'Stimulus' Actually Raised Unemployment

Since federal spending accounted for exactly zero of the only significant increase GDP, how could such spending possibly have "created or saved" 2 million jobs? The bill was launched last year amid grandiose promises of "shovel ready" make-work projects. In reality, as the CBO explains, "five programs accounted for more than 80% of the outlays from ARRA in 2009: Medicaid, unemployment compensation, Social Security ... grants to state and local governments ... and student aid." In other words, what was labeled a "stimulus" bill was actually a stimulus to government transfer more

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