May 17, 2011
Economists: Obama Stimulus Destroyed 500,000 Jobs
Assuming that the purpose of Obama's economic policy is to drive up unemployment as quickly as possible without setting off armed rebellion, he really got his money's worth out of the "stimulus" looting spree known to bureauweenies as the "American Recovery and Reinvestment Act." A study (PDF) by economists Timothy Conley and Bill Dupor found the following:
We estimate the Act created/saved 450 thousand government-sector jobs and destroyed/forestalled one million private sector jobs.
Even with our stratospheric rates of taxation, it takes several wealth-producing private sector jobs to support a single parasitic government-sector job. Obviously, Obamunism cannot sustain itself economically. Soon bureaucrats will be paying themselves with Monopoly money backed by nothing whatsoever, because by sucking all the money out of the economy, they have allowed nothing to be produced. A graph from the study:
Notice the nosedive the manufacture of goods went into right after the Manchurian Moonbat took office. With Obama's union cronies and the demented EPA riding high in the seat of power, it won't be reversing that dive any time soon.
It isn't expected to. After the crash, when Americans are starving by the millions, the Left will be perfectly positioned to finish what FDR started by imposing totalitarian collectivism, per Cloward-Piven.
That's what people voted for when they voted for Obama. Some of them are even conscious of it.