The Obama Administration predicted, way back when (in January of this year), that the stimulus package would almost instantly show results. Well, there has been quite a bit of economic news since then. Unemployment has gone from 7 percent when the Obama folks opined optimistically about their stimulus package to 9.5 percent and counting. The Obama folks predicted that unemployment would top out at 8 percent. That prediction was proved wrong eight weeks later by an unemployment rate that exceeded 8 percent. So much for Obama Adminstration predictions.
It wasn't realistic for the Administration to make rosy forecasts at a time when the economy was slipping into the abyss. The Obama folks were too optimistic by far. Now that businessmen see the taxes and regulations ahead, the employment prospects are much, much worse. The stimulus bill is now an unfunny joke and a fiscal catastrophe. Even many Democratic Congressmen are beginning to run for cover. Obama may end up making Hoover look good.
The Obama folks are now back to blaming George Bush. But George Bush didn't say that unemployment would top out at 8 percent. That prediction was made in the budget bill that Obama submitted by Obama's advisors. At the time it looked silly. It looks much worse now. Forget George Bush. Concentrate on the here and now.
There is good news and here it is: There is a growing chance that "cap and trade" and health care may fail in Congress. Support for both in Congress and around the country is collapsing for these job killing proposals. People want to see some jobs, not political payoffs to Obama's pals. Obama better wake up and smell the coffee. It looks like the public may be waking up.
Take note of the meeting of the nation's governors Sunday in Biloxi, Mississippi. Check out the statements of Governors Bedesen, Gregoire, Richardson, and Ritter. All four are Democrats and highly critical of the Obama health care bills. Not a single Governor spoke up in support of Obama's health care plan. According to today's NY Times: "Governors in both parties revolted, trumpeting their opposition in a conference call last week with Senator Max Baucus, the Montana Democrat who leads the committee." Even many Democrats are beginning to wake up and smell the coffee.
So, take heart. This stuff is not law yet and the opposition is growing.