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Obama's Trickle Down Stimulus is Failing

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Less than six months in office and President Obama is already simmering in public opinion hot water, down 7% in Rasmussen Reports'--"is the country on the right track" poll released July 16, 2009 among Democrats!

The natives are beating the drums. Some angry dancing has commenced. The detritus thrown out the windows of passing Caddies, Lexi and Daimlers, on their way to pick up yet another unearned megabucks bonus, is being pitched into the fire.

If the Republicans and conservatives thought rank and file progressives were going to go easy on President Obama, stand back. Lives are at stake. Oh, and you guys with your laissez-faire free market (which isn't fair or free) opposition to any change or help for those not in the top 10% of wage earners are just plain history. Take a hike.

Earlier this year, the President delivered the same old kneejerk trickle down, through the proper political money laundering channels action: Washington to the Federal Reserve, Washington to the States, Washington to Federal Projects, Washington to Wall Street, Washington to Big Greed, with the exception of the "Obama $50 Bill" which comes in the form of a check from your state unemployment dole master every two weeks. Unemployment increases were to stop at 9%.

Trickle down still doesn't work.

The June figures from the government put unemployment at 9.5%. Shadow Government Statistics and it's economist John Williams, who takes the time to adjust a number of government-issued indicators to more accurately measure the real situation, puts the June unemployment rate a 20.6%.

Spin wisdom from the establishment left: the top-down stimulus package has not had enough time to work. Only a small fraction of the money has been spent. True, but it doesn't matter. No matter who you believe, unemployment is way high and there can be no economic recovery at these depths of unemployment.

This morning, the Associated Press using data from RealtyTrac Inc reported the following:

  • A 15% increase in the number of U.S. households on the verge of foreclosure
  • Foreclosure filings rose 33% in June compared with June 2008
  • Foreclosures jumped 5% from May to June 2009
  • And, 1.5 millions homes were foreclosed in the last six month

Trickle-down fix: The $50 billion program of subsidies offered to Big Mortgage in an attempt to stem the foreclosure tsunami didn't work.

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Chaz Valenza is writer and small business owner in New Jersey. He earned his MBA from New York University's Stern School of Business. His current feature film project is "Single Point Failure" an insider's account of how the Reagan Administration (more...)
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