Sunday, February 15, 2009
The Economy After Stimupork
Confidence among U.S. consumers approached its lowest level since 1980 this month after job losses mounted and the slide in home values deepened.
The Reuters/University of Michigan preliminary index of consumer sentiment fell for the first time in three months, to 56.2. The gauge reached a low of 55.3 in November.
Economists forecast the sentiment gauge would drop to 60.2, according to the median of 58 economists in a Bloomberg News survey. Projections ranged from 56.5 to 64.
The economy will contract 2 percent this year and the unemployment rate will exceed 8 percent, according to the Bloomberg survey median.
From February 11, Office of Management and Budget deemed stimupork "ineffective" or "unable to demonstrate results." IBD:
Data from the White House's own budget office may cast doubt on the effectiveness of billions of dollars in spending that will likely be part of the $789.5 billion compromise deal hailed by lawmakers Wednesday.
...the White House's Office of Management and Budget deemed either ineffective or unable to demonstrate results.
OMB says 20% of programs don't work or don't show results.
Among those rated "ineffective" and yet still receiving stimulus funding was Amtrak, which got $800 million in the House version and $100 million in the Senate's.
AmeriCorps received about $160 million in both bills. Project-based rental assistance got about $2.1 billion in the Senate; Community Development Block Grants received nearly $5.2 billion from the House.
Both the House and Senate gave $1 billion to Community Oriented Policing Services and $5 billion to public housing. They received a "results not demonstrated" rating.
The Low Income Home Energy Assistance Program, which got $1 billion in the House bill, also gets the designation. So do Social Services Block Grants, which received $400 million in the Senate version.
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