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Sunday, October 4, 2009

The Stimulus Backfired

Gee, ya think? Don Surber makes the case for why quadrupling the national debt in the first days of the Obama Administration failed to help the economy.
The stimulus backfired.

It undermined confidence in the economy.

And people are reacting.

Not only are companies cutting back on employees, but workers are throwing in the towel. Rather than look for another job, they are retiring or filing for a disability.
Read the whole thing. Surber also links to Robert Reich's comments pointing out that the staggering 9.8% unemployment rate would be much worse, except that workers are actually giving up and leaving the labor force.

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