Almost $500 BILLION of stimulus money spent and this is the result:

From today's NYTimes.com:

There is no more disputing it: the economic recovery in the United States has indeed slowed.

The nation’s economy has been growing for a year, with few new jobs to show for it. Now, with growth at an annual rate of 2.4 percent in the second quarter, and federal stimulus measures fading, the jobs outlook appears even more discouraging.
“Given how weak the labor market is, how long we’ve been without real growth, the rest of this year is probably still going to feel like a recession,” said Prajakta Bhide, a research analyst for the United States economy at Roubini Global Economics. “It’s still positive growth — rather than contraction — but it’s going to be very, very protracted.”

A Commerce Department report on Friday showed that the economy had grown at a faster pace earlier in the recovery, expanding at an annual rate of 5 percent at the end of 2009 and 3.7 percent in the first quarter of 2010. Consumer spending, however, was weaker than initially believed.

Many economists are forecasting a further slowdown in the second half of the year, perhaps around an annual rate of 1.5 percent. That is largely because businesses have refilled the stockroom shelves that they had whittled down during the financial crisis, meaning there will not be much need for additional inventory orders.

Fiscal stimulus policies are also expiring, which may further drag on growth. And individual stimulus programs like expanded unemployment benefits have faced huge political battles each time they have come up for extension in Congress.

The approaching mid-term elections may further entrench the political stalemate after Congress returns from its August recess. As a result, pressure will probably increase on the Federal Reserve to use its tools to prevent a double-dip. Recent reports from Fed officials suggest the central bank has become increasingly worried about where the economy is headed.

=====================================================

This surprises you?

With game changing health care laws that are about to start phasing into place...

With game changing laws applied to the finical sector...

Is anyone surprised that rich people have decided to radically ramp down discretionary spending? Is anyone surprised that companies don't want to hire new employees until they know the real world implications of all the new laws?


....Who among you didn't think this would happen?

Plenty more where this is coming from!

reply to post by jerico65

Is anyone surprised that rich people have decided to radically ramp down discretionary spending? Is anyone surprised that companies don't want to hire new employees until they know the real world implications of all the new laws?

A valid point you make. I also have to throw in the election campaigns. Companies want to know what kind of Congress they will have for the next two years.

Will many of these same new laws be changed or will they had more regulation to them?

The system is NOT, i repaet, NOT creating any jobs at all! The big corporations have swallowed up msot of the competition, aka a monopoly, which the FEDS were supposed tobe monitering from happening int he first place. they all have outsourced overseas, so nothing is american made, which took care of familys and people HERE at home*
really, is this $500 billion such a suprise afterall>?

S&F because I love bad news (not really...)

The new Congress is irrelevant. With the veto pen and presidential fiat we have a de facto dictatorship. Rubber stamp or no from a new Congress the Obamanation goes on. Now, to be fair there wouldn't be any difference if the Retreads had the White House and Congress.

The powers in the shadows have decided to gut the US financially. In the absence of common sense you must suspect a common plan.

Do you remember when Carlin said "...they'll get it all"? Well, they've come for it and we're about to see the fulfillment of his prophecy.

This is not investment advice and shouldn't be construed as such but next week I'm cashing out what's left of my 401K and spending it while it will still buy something. More ammo most likely.

This might be one reason...Companies hold record $837B in cash, yet won't hire workers.

Another, probably more accurate figure referenced in that thread shows it at more like $1.8 trillion.

In addition, banks are NOT loaning money. Even when it was part of their bailout deal.

People are spending only what they absolutely need to.

And our leading "economists" are running around telling everyone it's going to get "much worse," so who can blame all of the above for doing what they're doing?

The "Stimulus" was nothing of the sort. It was a spending package (merely labeled a stimulus) that covered every Democrat pet-project idea and port barrel extravaganza of the past 20 years. If it had been a stimulus, you would have gotten the money. Nancy Pelosi didn't trust you to spend the $11,000 per american that she borrowed, so she spent it for you. What a bargain!!!

Secondly, the Obama administration is extremely anti business. With a combination of regulation, new taxes, and passing on massive costs (mainly medical) to businesses, he has done more to discourage job creation than anyone I can imagine. There are more dis-incentives to create new jobs than I have ever seen. Hiring on a new worker costs employers a fortune. Remember, unless having a new employee brings value to a company, the hire is never made. With all the new costs, its prohibitive Remember that your salary is only about half the cost to the employer. The rest is all the fees you have to pay, such as medical, social security, unemployment, various insurances, etc...

www.propublica.org...

A good website to watch how your money is being pissed away.