The “Stimulus” That Keeps On Sucking

It’s bad enough that we borrowed a trillion dollars from China to waste on a “stimulus” program that actually destroyed 595,000 jobs, but it turns out that we lavished $24 billion of the massively useless pork potpourri on tax criminals! How cool was that?

Stimulus recipients found to be tax cheats

One construction company that won multiple awards of money under President Obama’s 2009 stimulus program was delinquent on its federal tax bill to the tune of $700,000, even as a company executive was blowing hundreds of thousands of dollars at casinos.

Yet another company failed to pay taxes, entered into a payment plan with the Internal Revenue Service, and then repeatedly defaulted on that agreement – and still won stimulus contracts worth more than $1 million, according to a Government Accountability Office report released Tuesday.

All told, government investigators found that during the period they examined, one out of every six stimulus contract or grant dollars went to a known tax cheat, according to Sen. Tom Coburn, an Oklahoma Republican who, along with several colleagues, requested the GAO review.

The review found that at least 3,700 stimulus recipients owed a total of more than $757 million in taxes, but were awarded $24 billion in stimulus money.

Read the report:

Thousands of Recovery Act Contract and Grant Recipients
Owe Hundreds of Millions in Federal Taxes

See also:
Report: Stimulus recipients owe $750 million in taxes
Companies that got stimulus money owe millions in back taxes
Stimulus contractors owe millions in back taxes
Stimulus Recipients Owe Back Taxes
Report: Stimulus Recipients Owe Hundreds Of Millions In Taxes
Stimulus money recipients owe billions in US taxes-GAO
GAO Report: 3,700 Stimulus Fund Recipients Owe Millions in Taxes
GAO Voices Concerns (Again) About Contracts, Grants Awarded to Delinquent Taxpayers
Senators: Tax delinquency issue larger than stimulus
Report: Tax dodgers pocketed $24B+

Now, you need to ask yourself, if the Obama administration was this incompetent that they gave $24 billion to known tax cheats, just how inept were they in frittering away the rest of the trillion dollars? If they couldn’t even catch the obvious gaming of the “stimulus” program, how much more undetected abuse and fraud is out there? I bet it totals in the hundreds of billions. And you, your children and grandchildren will get stuck paying for Obama’s “stimulus” folly, because we borrowed the trillion he wasted.

/Obama, putting the boon in boondoggle

The State Of The Union Is Not Strong

The U.S. economic forecast looks grim and we’re definitely expecting more rain.

UPDATE: CBO Estimates 2010 Deficit At $1.34 Tln

A new projection from the Congressional Budget Office forecast the federal government’s budget deficit for fiscal 2010 would total $1.34 trillion, improving to just over $1 trillion in fiscal 2011, which begins on Oct. 1.

If the CBO’s figures are reached, the deficit in the current fiscal year would be equal to 9.1% of U.S. gross domestic product, compared with fiscal 2009′s mark of 9.9%.

The latest figures from the nonpartisan agency portray a dreary picture of the U.S. economy, predicting U.S gross domestic product would only grow by 2% between the fourth quarter of 2010 and the same period next year.

It said the unemployment rate would not fall back to the long-term average of 5% until the end of 2014.

The CBO said since mid-2009, the recovery in the U.S. economy had been “anemic” compared with the periods following earlier recessions.

The projections involve several assumptions that likely make them optimistic. They assume the Bush-era tax cuts expire at the end of 2010, for example, and also that Congress makes no further annual adjustments to prevent the alternative minimum tax from hitting middle-class taxpayers.

The projections also don’t include any further government stimulus efforts to accelerate the lagging economy.

Read the report:

The Budget and Economic Outlook:
An Update

See also:
Keeping tax cuts beneficial in short term, harmful over long term, CBO says
Stimulus and tax cuts now, smaller economy later, CBO report says
Analysts: CBO GDP Forecast A Fantasy
Budget analysts: Near-record 2010 deficit of $1.3T
UPDATE 1-U.S. 2010 budget deficit at $1.342 trln – source
$1.3-trillion U.S. budget deficit expected
Projected US budget deficits threaten to curtail growth: CBO
Gloom weighs on fragile US recovery

The economy’s in shambles and getting worse by the day, so what does Congress and Obama do? Why naturally they all go on vacation for the rest of the month! Crisis, what crisis?

/if these so called people’s representatives don’t get deadly serious about making the hard and unpopular choices that are necessary to get us out of this massive deficit mess, we’ll soon be past the debt with interest tipping point and unable to avoid total economic collapse no matter what anyone does

Obama And The Democrats Set Another Record!

And it’s a record that really sucks.

US budget deficit hits record in April

The US Treasury Department says that the federal budget deficit hit a record for the month of April, reaching nearly 83 billion dollars.

On Wednesday, the Treasury Department announced that the April deficit soared to $82.7 billion, the largest imbalance for that month on record.

That was significantly higher than last year’s April deficit of $20 billion and above the $30 billion deficit private economists had anticipated.

Revenues for April were down 7.9 percent from a year ago, dipping to $245.3 billion. That decline included a fall in individual income tax payments.

That reflected not only the impact of millions of people out of work but also tax relief provided through the economic stimulus program that Congress passed in February 2009.

The latest data brought the deficit for the first seven months of fiscal year 2010 to around 800 billion dollars.

The White House had warned that the deficit for fiscal year 2010 could go above one and a half trillion dollars.

See also:
U.S. posts April deficit for 3rd time in 30 years
U.S. Posts 19th Straight Monthly Budget Deficit
19 Straight Months! April’s Record-Breaking Budget Deficit
US budget deficit wider-than-expected in April
Federal budget deficit $82 billion in April
Budget Deficit in U.S. Widened to $82.7 Billion (Update1)
U.S. posts record April budget gap-UPDATE 2
U.S. April budget deficit $83 billion: Treasury

It’s especially pathetic when the totally out of control, Democrat Congress enabled Obama administration spending sets a budget deficit record in the month when the bulk of the yearly Federal tax receipts roll in!

/this isn’t Greece, is this Greece?

One Year Later

Rick Santelli is hardly a teabagger.

Why the Tea Party Movement Matters

If any one person is the founder, it’s Rick Santelli. A year ago, the CNBC commentator blew a gasket on the air over a plan by the Obama Administration to tackle the foreclosure crisis. Multibillion-dollar proposals were flying like snowflakes in Washington, and Santelli’s rant struck a chord with people who wondered where all the money would come from. “We’re thinking of having a Chicago Tea Party,” Santelli declared, evoking the 1773 protest in Boston Harbor. A movement was born. Egged on by conservative interest groups and leveraging Barack Obama’s digital-networking strategies, grass-roots opponents of the President’s agenda have made themselves a major factor in U.S. politics.

See also:
Tea Party here plans first anniversary
Tea Party Marks One-Year Anniversary
Tea Partiers: ‘You’re listening to us now’
CNBC Asks Santelli to React to Tea Parties: ‘I’m Pretty Proud of This’
Santelli: No need to stir ‘tea party’ pot
Tea-Party Drive Steeped in Political Novices
Unlikely Activist Who Got to the Tea Party Early
Boehner lauds Tea Party ‘great patriots,’ says GOPs must ‘walk among them’
Local lawyer emerges as face of Tea Party movement
Tea Party is just getting started
No rainout for tea partyers

Deride them as teabaggers at your own risk.

/whistle past the graveyard while you’re at it

Happy First Birthday “Stimulus”!

The “stimulus” worked exactly as intended. What, you didn’t think it was supposed to create jobs, did you?

/Michael Ramirez

Why Defend The Failed Stimulus?

Recovery: Is the president right when he says the stimulus kept the U.S. from falling into a depression? No. In fact, too much government tinkering and spending, not too little, has given us the jobless recovery we have now.

Democrats in charge of both the White House and Congress are firing all their guns at once to tout the benefits of the $862 billion stimulus package passed a year ago this week. They’ve even planned a 35-city tour to support it. Their message?

“One year later, it is largely thanks to the recovery act that a second depression is no longer a possibility,” President Obama said Wednesday. The stimulus act has created 2 million jobs, he claimed, predicting 1.5 million more this year from the program.

Is it just a coincidence that the 3.5 million jobs he is claiming is exactly what the White House predicted early last year? We doubt it. But whatever the case, Obama’s claims are false.

Start with this: Stimulus didn’t save us from an economic cataclysm. Obama himself said so back in March, noting that the economy was “not as bad as we think,” and that he was “highly optimistic.” It’s clear he didn’t think we were on the brink of a Depression.

He was right. In an editorial at the time, we pointed to 13 separate economic indicators signaling an imminent economic recovery — with all of them flashing before the stimulus was in place.

We knew at the time that our resilient private economy would climb out of its hole, and that politicians would try to claim credit. That’s why we wrote: “No politician who voted for these job- and growth-killing measures should claim any credit for our eventual rebound.” Following Wednesday’s fact-bending dog-and-pony show, we think that bears repeating.

The claim that stimulus has “created or saved” 2 million jobs is complete fiction. It rests on the obviously false idea that money can be taken from the productive private sector and given to the nonproductive public sector and create a net gain in jobs.

Based on the imaginary existence of a so-called “Keynesian multiplier,” this kind of thinking hypothesizes jobs that don’t really exist. Sadly, when we count actual jobs, the reality is a bit starker: 8.4 million jobs lost since December 2007, the start of the recession. And more than 4 million lost since the start of 2009.

So when Vice President Biden says Americans are “getting their money’s worth” from stimulus, it should be treated as a punch line — not a policy view.

Hey “Gordon Gecko” Obama, why do you need to wreck this country?

/because it’s wreckable, alright!

Obama Adds Astronauts To The No Fly List

No Shuttle plus no Constellation program equals U.S. manned space flight grounded.

White House won’t fund NASA moon program

NASA’s plans to return astronauts to the moon are dead. So are the rockets being designed to take them there, if President Obama gets his way.

When the White House releases its budget proposal Monday, there will be no money for the Constellation program that was to return humans to the moon by 2020. The Ares I rocket that was to replace the space shuttle to ferry humans to space will be gone, along with money for the Ares V cargo rocket that was to launch the fuel and supplies needed to return to the moon. There will be no lunar landers, no moon bases.

“We certainly don’t need to go back to the moon,” one administration official said.

Instead, according to White House insiders, agency officials, industry executives and congressional sources familiar with Obama’s plans, NASA will look at developing a “heavy-lift” rocket that one day will take humans and robots to explore beyond low-Earth orbit. That day will be years away.

The White House will direct NASA to concentrate on Earth-science projects — principally, researching and monitoring climate change — and on a new technology research and development program designed to someday enable human exploration of asteroids and the inner solar system.

See also:
Obama aims to ax moon mission
Obama to End NASA Constellation Program
US plan to return to moon ‘is dead’: administration advisor
White House killing NASA’s moon mission, reports say
President Obama to Propose Abandoning NASA’s Moon Plan
Obama to suggest end of NASA moon program
Speculation about NASA’s future swirls in advance of Obama’s budget request
Battle brewing over Obama’s NASA plan
NASA Workers Anxious About Obama’s Commitment to Space
Rebel Engineers Sit With NASA to Chart Future of Manned Space
Good Night Moon
Obama Says, No Moon For You!

To put things in perspective, Obama and the Democrats are now talking about wasting another $80-200 billion on another unnecessary, worthless “stimulus” after already wasting $1 trillion on the first worthless “stimulus”. Just yesterday, Obama announced that he was passing out $8 billion for unprofitable choo choo trains!

NASA’s annual budget is less than $20 billion, yet these out of control, tax and spend peons can’t dig in our taxpayer pockets for a few measly billion dollars more to fund something worthwhile, U.S. manned space flight. I guess they can’t figure out how funding space exploration translates into buying Democrat votes.

/the moral of this story is, if any of your children are dreaming of growing up to be an astronaut, they’d better learn how to speak Chinese and/or Russian

The First Stimulus Has Been A Total Disaster So Naturally Democrats Plan To Waste Even More Borrowed Money On More Useless Stimulus

Hey, I know, the first “stimulus” isn’t working, so let’s spend more money we don’t have on a second “stimulus”. Nevermind that we haven’t even spent one third of the first trillion dollar “stimulus” yet.

Insanity: doing the same thing over and over again and expecting different results.

/Albert Einstein

STIMULUS WATCH: Unemployment Unchanged by Projects

A federal spending surge of more than $20 billion for roads and bridges in President Barack Obama’s first stimulus has had no effect on local unemployment rates, raising questions about his argument for billions more to address an “urgent need to accelerate job growth.”

An Associated Press analysis of stimulus spending found that it didn’t matter if a lot of money was spent on highways or none at all: Local unemployment rates rose and fell regardless. And the stimulus spending only barely helped the beleaguered construction industry, the analysis showed.

With the nation’s unemployment rate at 10 percent and expected to rise, Obama wants a second stimulus bill from Congress including billions of additional dollars for roads and bridges — projects the president says are “at the heart of our effort to accelerate job growth.”

Transportation Secretary Ray LaHood defended the administration’s recovery program Monday, writing on his blog that “DOT-administered stimulus spending is the only thing propping up the transportation construction industry.”

Road spending would total nearly $28 billion of the Jobs for Main Street Act, a $75 billion second stimulus to help lower the unemployment rate and improve the dismal job market for construction workers. The Senate is expected to consider the House-approved bill this month.

But AP’s analysis, which was reviewed by independent economists at five universities, showed the strategy of pumping transportation money into counties hasn’t affected local unemployment rates so far.

“There seems to me to be very little evidence that it’s making a difference,” said Todd Steen, an economics professor at Hope College in Michigan who reviewed the AP analysis.

And there’s concern about relying on transportation spending a second time.

“My bottom line is, I’d be skeptical about putting too much more money into a second stimulus until we’ve seen broader effects from the first stimulus,” said Aaron Jackson, a Bentley University economist who also reviewed AP’s analysis.

And what if your “stimulus” isn’t creating even a fraction of the jobs you promised? Well, as they say, if you can’t dazzle them with your brilliance, baffle them with your bull[expletive deleted]!

White House Inflates Stimulus Job Creation With Accounting Gimmicks

The Obama administration is changing the way it counts jobs created or saved by stimulus spending in a way that will make the programs look far more successful.

Under the old rules, only jobs that were actually newly created or not lost because of stimulus money were counted. Now the administration plans to count all jobs for projects funded by stimulus money—even if that job already existed and the person was never in danger of losing the job.

The changes were made in a little noticed memo sent to federal agencies by OMB director Peter Orszag, according to a new report from ProPublica.

See also:
More Stimulus? Analysis Finds Funds for Roads, Bridges Has Had No Impact
Stimulus? There’s No Stimulus Here
Where Are The Stimulus Jobs?
U.S. road projects don’t help unemployment
Study: Road projects don’t help unemployment
No Unemployment Impact from Road and Bridge Spending
White House Changes Stimulus Jobs Count
White House changes how stimulus jobs are counted
Farewell “Saved or Created”: Obama Administration Changes the Counting of Stimulus Jobs
Counting jobs
White House panics on jobs
SUBJECT: Updated Guidance on the American Recovery and Reinvestment Act – Data Quality, Non-Reporting Recipients, and Reporting of Job Estimates

/Democrat’s “stimulus”, throwing money in the money hole, what’s the difference?

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