Tag Archives: Economy
Stimulus jobs overstated by thousands – What a shock!
Why shouldn’t we entrust our government with our healthcare, banks, automobiles, and the weather? And where’s old Joe (Don’t mess with Joe) Biden on all of this? Wasn’t he supposed to be the watchdog over the stimulus money? Old Joe says the stimulus is working exactly as planned? Yeah, that’s what I was afraid of.
WASHINGTON (AP) – An early progress report on President Barack Obama’s economic recovery plan overstates by thousands the number of jobs created or saved through the stimulus program, a mistake that White House officials promise will be corrected in future reports.
The government’s first accounting of jobs tied to the $787 billion stimulus program claimed more than 30,000 positions paid for with recovery money. But that figure is overstated by least 5,000 jobs, according to an Associated Press review of a sample of stimulus contracts.
The AP review found some counts were more than 10 times as high as the actual number of jobs; some jobs credited to the stimulus program pre=”program “>were counted two and sometimes more than four times; and other jobs were credited to stimulus spending when none was produced.
For example:
– A company working with the Federal Communications Commission reported that stimulus money paid for 4,231 jobs, when about 1,000 were produced.
Read the rest of the article here:
Filed under Joe Biden, Stimulus Package
Romer: Impact of stimulus will level off
Level off? I thought they said that only 14% of the money has been spent so far. Oh Christina, I wish you the best in your job search, although failure seems to be a resume enhancement for Democrats. I have an idea. The original stimulus was $787 Billion. Let’s subtract the $194 Billion already used and take the $593 Billion which is left, divide it the 250 million or so working people and give each of us $2,372. Now that will stimulate the economy.
WASHINGTON — A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year.
Christina Romer, the chair of President Barack Obama’s Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010.
Read the article here:
http://www.google.com/hostednews/ap/article/ALeqM5i-95E_TCyqYX0CBZ5xQAV_V3VWyQD9BG76902
Filed under Economy, Stimulus Package
Administration plans big pay cuts at bailout firms
Do you think this will set a precedent? Do you think your salary is safe? Do you trust this administration? Do you want to have even more hope and change? Hmmm?
WASHINGTON (AP) – The Obama administration plans to order companies that received huge government bailouts last year to sharply cut the compensation of their highest paid executives.
A person familiar with the decision, who spoke on condition of anonymity because it has not been announced, says the seven companies that received the most assistance will have to cut the annual salaries of their 25 highest-paid executive by an average of about 90 percent from last year.
This person says the Treasury Department will announce the deep pay cuts within the next few days.
The seven companies are: Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
http://www.breitbart.com/article.php?id=D9BFM2KG2&show_article=1#
Filed under Economy