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Sunday, February 15, 2009

The Economy After Stimupork

U.S. Consumer confidence lowest since 1980. Bloomberg:

    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.

"Results not demonstrated." Have Liberals and Progressives ever been required to produce results?

©2009

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Comments:
So he's as bad as The Peanut Farmer?
 
Uhhhh....I'd say...The Peanut farmer is Worst.President.Ever. Pbama has three years and 11 months to work on it though. ;=)
 
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