An interesting tidbit from Dr. Christina Romer’s testimony before the Joint Economic Committee. Citing economic analysts she says the fiscal stimulus will have its greatest impact on growth in the second and third quarters of 2009. (Editors note – those quarters are now behind us). By mid-2010, according to her testimony submitted to the committee, the “fiscal stimulus will likely be contributing little to growth.” What does that mean? Growth in the economy will be dependent on the private sector. And for those who think the recession is over – the Administration still predicts the unemployment rate won’t dip below 10% until the third quarter of 2010 – that’s next summer.Now, the 2nd and 3rd Qtr's are gone...no more bump. So WHY ARE WE CONTINUING TO SPEND THE STIMULUS MONEY IF IT'S NOT GOING TO DO ANYTHING? I realize that our "political elite" thinks that they are smarter than we, in flyover country, are. But seems to reason, that if it ain't working, why continue? As Jennifer Rubin points out in Commentary Magazine,
The administration promised that unemployment would remain below 8 percent if a trillion-dollar (interest-included) grab bag of liberal goodies passed. It hasn’t panned out — we have the debt but not the jobs. And the administration will not, I suspect, endear itself to the American people by claiming that the results “exceeded expectations.”Yet these are the people who want to take over health care and say they'll "save the country money." Yeah, right. Governments, and ours in particular, do nothing efficiently. Take a look at medicare. It was projected to top out early this decade at roughly $400 billion in total costs...it's above 10 times that now. Pure efficiency at work. They tell us they'll be able to control corruption, but there are factual accounts that Medicare is rife with double payments and cost overruns. The Senate, for the first time in history defeated a bill that would remove the automatic price controls that were set in place to keep Medicare from ballooning in cost...THE FIRST TIME it's ever happened!