The economy continues to dwindle in these harsh economic times. Job losses have fallen in every month since January and the unemployment rate, 9.4%, is at a twenty-six year low. Based on these statistics, Congress has asked themselves if a second stimulus bill is needed. Let me give you a quick answer, NO!
Let’s go back to the first stimulus, named the American Recovery and Reinvestment Act of 2009. The enormous $787 billion bill failed according to President Barack Obama’s predictions. While campaigning for its vote, Obama stated that without this very important bill, the unemployment rate will rise to 9% in 2010. Conversely, he said, if this legislation is passed, unemployment will not exceed 8%. However, the stimulus bill has not succeeded in doing what President Obama thought it would do, as seen by the unemployment rate flirting with 10%.
With his approval ratings decreasing, Obama sent his Vice President to calm the storm in Ohio, where less than half the people approve of the job Barack Obama is doing as President. In a speech from Cincinnati, VP Biden pointed to teaching and law enforcement jobs being saved, because of the stimulus. For the record, there is no statistic that can accurately measure the number of jobs saved. (By the way, there is a statistic that says we’ve lost roughly two million jobs since the stimulus passed). Continue reading Second Stimulus?