President Obama’s latest stop on his jobs bill tour Wednesday was a machine company in North Carolina that has sent jobs to Costa Rica. After touring the facility of WestStar Precision, Obama said in a speech at North Carolina State University that the small business — headquartered in Apex, N.C., a Raleigh suburb — would benefit from the $450 billion jobs plan — which relies heavily on tax hikes on upper income earners — he’s been pressing Congress to pass right away.
Federal Reserve Chairman Ben Bernanke signaled Friday that Congress must do more to promote growth, or risk delaying the economy’s return to full health. Bernanke proposed no new steps by the Fed to boost the economy. But at a time when Congress has been focused on shrinking long-run budget deficits, he warned lawmakers not to “disregard the fragility of the current economic recovery.”
The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.
Remember the ’08 campaign where Obama’s main attack against John McCain was “voting for McCain is a 3rd term for Bush”? Obama based his entire rhetoric on being everything that Bush was not, and how he was going to, once in office, undo all that Bush has done? Well, let’s take a quick peek and see how different life is under Obama compared to Bush policies and doctrine. SPOILER ALERT: Libs stop reading now, because the truth is gonna hurt…bad.
The top five U.S. commercial and investment banks — Bank of America, J.P. Morgan Chase, Citigroup, Wells Fargo and Goldman Sachs — have emerged from the financial crisis larger than ever.