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Stimulus Failure

Months ago I, correctly, commented that the stimulus was bad economics and would not improve the economy.  Here are some of the latest comments from Cafe Hayek confirming the results of those bad economic and political decisions by the Federal Government:

 But the politics of the stimulus is over. It has failed. Unemployment has barely budged. When it has fallen it has been because of discouraged workers. Private job growth (where almost all of the jobs were lost) has been anemic. Forget about the economics. The economy, particularly the job market, which is what voters look at first, stinks. Of course it could be even stinkier without the stimulus. But that argument is much harder to defend on the campaign trail. The party in power has not created a recovery. That may be unfair but it’s irrelevant. The Democrats are going to take a major whipping in November. Maybe they lose the Senate. They are likely to lose the House.

How will the President respond, especially if he loses both the House and the Senate? Some see him as an ideologue who will persist in his top-down policies and collectivist agenda both at home and abroad. If he does that, he will lose in 2012 and as I suggested yesterday, he may struggle to even get the nomination. So I presume he will move to the center as Bill Clinton did. We’ll see.

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