One reason economists sometimes compare themselves to astrologers is that their forecasts are often equally accurate. But when it comes to analyzing government policy, economists have trouble even figuring out what happened in the past. Case in point: The most recent Congressional Budget Office (CBO) report of President Obama’s $831 billion “stimulus” bill—also known as the American Recovery and Reinvestment Act (ARRA). The Administration vowed that the bill would “save or create” (a squirrelly measure in itself) 3 million to 4 million jobs. Last week, CBO’s assessment—the 10th quarterly analysis … More
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President Obama will deliver his third State of the Union address on Tuesday night. According to a preview video released this weekend, the speech will outline Obama’s vision for improving the economy and creating jobs. With an unemployment rate of 8.5 percent, there’s much work to be done. But after three years of Obama’s failed policies, it’s unclear if anything Obama says Tuesday night will differ from the Keynesian ideas he’s already proposed. This week’s chart comes from Heritage’s analysis of the December unemployment report. The economy added 200,000 jobs … More
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President Obama’s economic stimulus was supposed to revive America’s economy and put people back to work. But nearly three years after Democrats rammed the bill through Congress, it’s a clear-cut failure. The nation’s 8.6 percent unemployment rate stands out as one of consequences. Then there is the high-profile Solyndra scandal and countless other government schemes gone awry. In a new video from Reason.tv, Jim Epstein takes a closer look at other examples — in a setting just a few miles from Capitol Hill. In Silver Spring, MD, government contractors pocketed … More
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