Stimulus I not only didn't work, it probably made the unemployment rate go higher by transferring available funds from private investment and savings to spending by government, making the marketplace more uncertain, preventing the free markets from self-correcting on bad investments, and discouraging savings and efficiency gains.
Democrats promised that if this one-time only trillion dollars in spending was enacted, it would prevent unemployment from going above 9% and would shorten the length of time of recovery. But the spending was permanent and unemployment went above 10%, sharply increasing shortly after the passage of Stimulus Bill 1, and has now settled into a new post-stimulus normal unemployment rate of 9%.
So, in light of this epic failure and waste of money, what President Barack Obama, the nominee in 2012 for the Democratic Party, suggest, supported and applauded by Democrats in Congress? More of the same! So, taking the lessons that we learned as a nation from stimulus bill I, I have projected the likely courses for unemployment if we don't pass the stimulus bill II and if we do pass stimulus bill II. Feel free to share:
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