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10 Reasons Why the Economic Stimulus Package was a Complete Failure

By: Steve Johnson

11/10/2009 - 37 Comments

At the beginning of the year Obama said that if we didn’t pass his economic stimulus package that unemployment could reach 8 percent.

On Friday, unemployment was 10.2 percent and is expected to continue rising through next year. 

The Stimulus Package Failure

The stimulus package failed in so many ways, here are my top ten reaons;

  1. It failed to revive the economy
  2. It failed to preserve the value of the dollar which foreign nations are now threatening to replace
  3. It failed to stop another housing bubble, which will bust again after the fed stops buying mortgages
  4. It failed to stop a stock market bubble from forming, which is getting ready to bust
  5. It failed to provide any real jobs and in the process removed 7 private sector jobs for every 1 government job that was temporarily created
  6. It failed to protect small businesses from government expanding to increase taxes, regulation, labor costs and energy costs
  7. If failed to provide credit to small businesses by giving the little money available to bailout companies that were ‘too big to fail’
  8. It failed to convince congress to cut spending and promote savings and production (real wealth)
  9. It failed to convince the public that all we need is more spending, after a decade of over-consumption and uncontrollable spending
  10. It failed politically and proves once again that socialism has no saving power and can only further destroy an economy

At this point, the nation is a few trillion dollars MORE in debt than we were before the economic stimulus package and we are projecting trillion dollar deficits for as far into the future as we can see.

How long will the leadership remain focused on its course before the ship starts to break up?

How long will the maddening spending spree continue?

Last week, two GOP governors won in two very liberal states.  In one case, Obama campaigned five times for the losing Democrat.  Based on this early election, the Republicans look likely to win a lot of seats in next years’ elections. 

I just hope a few of them are ready for the Depression that is coming our way. Perhaps they think the democrats will take the blame and they will get in just as the economy starts to recover.  Or perhaps they will make the same mistake and push for another stimulus package.

We cannot just replace politicians with politicians and expect to get a different result. We need fiscally disciplined business leaders, entrepreneurs and capitalist to take control and put the national budget on ice. We need free-market leadership, to promote hard work, savings and production.

What is happening is what I wrote about just before the Presidential elections, Let Obama Win - To Prove Socialism Is a Bad Economic Strategy? 

The stimulus package has devastated the economy, delayed a much needed recession and created many more problems for the future.  As Ron Paul recently said, ‘Prepare for the worst’ unless the government stops the printing press.

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