November 7, 2009

The Stimulus Plan Has Failed

Editorial, Investor's Business Daily

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The Job Report: Another month, another drop in payrolls. Will it ever occur to our leaders in Washington that what they're doing isn't working - and may actually be damaging our economy?

News that the unemployment rate jumped to 10.2% in October, its highest level since 1983, as the economy shed 190,000 nonfarm jobs, underscores the spectacular failure of the so-called fiscal stimulus to stimulate anything other than economic misery.

Since the $787 billion stimulus was passed in February, the economy has lost 2.9 million jobs - for a total of 4.3 million since the end of 2008. The silver lining, some say, is the number of jobs lost each month is shrinking. But they lose sight of this: There's no guarantee the economy's 3.5% growth in the third quarter will...

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TAGGED: unemployment, Obama administration, obama, Stimulus

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