Monday, January 11, 2010

Porkulus = Jobs? Not So Much

From Al-AP, no less!

Ten months into President Barack Obama's first economic stimulus plan, a surge in spending on roads and bridges has had no effect on local unemployment and only barely helped the beleaguered construction industry, an Associated Press analysis has found.

Spend a lot or spend nothing at all, it didn't matter, the AP analysis showed: Local unemployment rates rose and fell regardless of how much stimulus money Washington poured out for transportation, raising questions about Obama's argument that more road money would address an "urgent need to accelerate job growth."

AP's analysis, which was reviewed by independent economists at five universities, showed that strategy hasn't affected unemployment rates so far. And there's concern it won't work the second time.

But those facts don't matter. 'Son-of-Porkulus' is on the table--another $75Bn in debt.

'St. Peter don't you call me, 'cause I can't go
I owe my soul to the Chinaman's store....'

1 comment:

Shoebox said...

I guess Christina Romer's research was right afterall. Govt "stimulus" is no stimulus at all. If only she'd believe her own work!