Morning Bell: A No-Cost Stimulus That Can Create Real Jobs for the American People
Conn Carroll /
In today’s Wall Street Journal, former President Bill Clinton’s pollster Doug Schoen writes: “Sen. Evan Bayh’s stunning decision to retire should serve as more than a wake-up call to Democrats. It should spur a fundamental re-examination and reorientation of the party’s policies, practices and approaches leading into the fall election. Let’s be clear. The Democratic brand is in trouble — big trouble. … The Democrats need to do a number of things. First and foremost, they need to recognize there is only one fundamental issue in America: jobs.”
Unfortunately, the White House is not getting the message. Where Schoen urges President Barack Obama to “go back to square one” on health care, The New York Times is reporting that the Obama administration is doing the exact opposite: they are set to introduce their own health care bill on Monday that is specifically designed to pass the Senate through reconciliation on a strictly partisan vote. And when the left is not continuing to shove a government takeover of health care down the throats of the American people, they are working on a second stimulus plan that repeats all of the same big government borrow-and-spend mistakes of the first.
And there is no debate: by any objective measure, President Obama’s first stimulus was a complete failure. When President Obama signed the $862 billion first stimulus, the unemployment rate stood at 7.6% and the U.S. economy employed 133.5 million people. The President promised that, thanks to his stimulus, unemployment would never go higher than 8.2% and the U.S. economy would support 138.6 million jobs by December 2010. Today, unemployment is 9.7%, after rising above 10%, and the U.S. economy has lost almost 6 million jobs, leaving the White House 9 million jobs short of the 138.6 million they promised to deliver. The White House may claim their stimulus “saved” 2 million jobs, but they have zero real world evidence of this. As Heritage fellow Brian Riedl explains: (more…)