Promises running on empty?
It is worth noting that I will neglect to recognize political party attempts to capitalize on an unprecedented effort to rescue a super power's economic viability. The stimulus was and is an experiment. Though we can hypothesize results only time will dictate a real conclusion.
On the one year anniversary of the ARRA, or the stimulus, it seems appropriate to reflect on what a difference a year makes...
Rewind to about two years ago in Lorain, Ohio. Obama made a campaign promise to pay for job programs by cutting spending elsewhere and to create jobs in "a responsible way, without adding to the already obscene debt."
In the first quarter of 2008 when the country was still riding an economic high this seemed like a step in the right direction. Fast forward two years later to a time where the US is riddled with debt and soaring unemployment rates this promise became a necessary course of action...right?
Not exactly.
At its conception the CBO (primary congressional agency charged with reviewing congressional budgets and other legislative initiatives with budgetary implications) estimated the ARRA would increase the 2009 deficit by $185 billion, the 2010 deficit by $399 billion, and the 2011 deficit by $134 billion.
Putting the financial implications of the legislation aside, we could rest assured that the job creation and revitalization of our economy would be a worthwhile return.
I am not so sure.
This week the administration is sprawling the country in an effort to convince Americans that the stimulus is helping. However, more and more it seems that the rhetoric has shifted from job creation to a stimulus of job salvation. It could be equated to a bad boyfriend, in this instance Obama, trying to pool resources to win back the affections of a scorned loved one, in this instance a country, once so captivated by his charms, in this instance his promises.
6 comments:
I like that Bond St. bottle...which one is that? It's so pretty!
February 18, 2010 at 3:09 PMWhile it's impossible to deny the mounting debt our country faces, it's also impossible to deny the fact that we are better off today than a year and a half ago when not just our economy but the global economy ground to a halt. Phrases like the financial apocalypse, next great depression, and even "the end of the world as we know it" were being thrown around on a daily basis. I wasn't in favor of the stimulus plan at the time but as you point out above, it was an experiment, and I would argue that it is proving to be affective. The country and to some degree, world, needed confidence that the US government wasn't going to let the world economy fail. And yes, the economy started to rebound before much of the money was even allocated to different programs but it was a gesture that gave people confidence that the government was going to do everything in it's power to help stem the economic free fall.
February 18, 2010 at 10:21 PMThere was a time when we elected people who dreamed big dreams, took big risks, and encouraged the American people to reach to the limits of our imagination. This type of thinking destroyed slavery and segregation, lifted a nation out of poverty, took Earthlings to the moon, mapped the humane genome, and so many other things that expanded opportunities and possibilities.
February 20, 2010 at 1:16 PMToday, I'm not so sure. Our fiscal deficit is the symptom of a the growing debt of civility and civic literacy.
People are still achieving big things, reagrdless of the federal deficits across continental borders. It may be a function of capitalism; it may a function of passion or compassion or boredom. But mindblowing, groundbreaking movements of all kinds are happening and will continue to happen so long as we both shall live, that I am sure of.
February 22, 2010 at 9:52 PMBetter off than a year ago...not really...the natural progression of economics dictate the flow of money...not US Presdidents...our money problem is a global issue...It's our national politicians who spend our money...maybe they are planning to sell our country's assets to pay our debts to other countries?...lesson learned,no need to go to war with the USA, loan the Americans money and you'll end up owning the them w/o firing a shot...
February 26, 2010 at 7:29 PMPost a Comment