December 16, 2011 | 8 comments
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December 14, 2011 | 39 comments
December 14, 2011 | 4 comments
Looking at this morning’s terrible employment numbers, David Leonhardt of the New York Times begins to despair in a blog post titled “So Much for Momentum”:
For more than a month now, you could have made a case that the recovery was gaining momentum. Stocks were generally rising. Retail sales over the Thanksgiving weekend were strong. Job gains had been accelerating.
But you can’t make that case very well any more.
Yet the Congressional Budget Office, in its latest update on the Obama stimulus, reports that the program should be having its greatest effect right now (emphasis mine):
The effects of ARRA [the stimulus] on output peaked in the first half of2010 and are now diminishing, CBO estimates. The effects of ARRA on employment and unemployment are estimated to lag slightly behind the effects on output; they are expected to wane gradually beginning in the fourth quarter.
In other words, not only the level of the dots below is wrong, so is their pattern: as the stimulus’s effect on employment is peaking, they should be going down, not leveling off.
In reality, I don’t think that it’s possible to identify the effects of the stimulus by looking at a graph of the jobs data — or really any other way. But why not play the administration’s own game? For instance, the chair of the president’s Council of Economic Adviser, Austan Goolsbee, directly attributed the improvement in private sector employment over his presidency to the stimulus:
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?