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February 13, 2012
Binyamin Rose: Back to the Bunker: How a life-risking act by a Christian family during the Holocaust saved a family and built a thriving community a world away
Menachem Wecker: Business Schools Teach Real Estate Despite Troubled Housing Market
February 10, 2012
Lisa M. Krieger: Man with defibrillator demands access to his own heart's information
David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage
February 9, 2012
Laura McMullen: 10 Least Expensive Public Schools for Out-of-State Students
Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation
February 8, 2012
Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets)
February 7, 2012
Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one
Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design
February 6, 2012
Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It
Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
Jim Carney: Wrong number call may have saved her life
Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months
Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news
Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
January 18, 2012
January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
Oct. 21, 2009
/ 3 Mar-Cheshvan 5770
Is this Barack Obama's economy yet?
By
Robert Robb
http://www.JewishWorldReview.com |
Congressional Republicans are trying to make it such. Their constant refrain, and
taunt, is: "Where are the jobs?"
The Obama administration set itself up for this with foolish predictions about the
effectiveness of its stimulus package. White House economists predicted that, if the
stimulus package passed, unemployment wouldn't exceed 8 percent and 3.5 million jobs
would be created or saved.
The stimulus package passed in February. The unemployment rate is now 9.8 percent.
The economy has lost 2.7 million jobs. Republicans are trying to pin the blame for
job losses greater than the predictions of White House economists on Obama's
policies.
The Obama administration retorts that, without the stimulus, things would be worse.
The latest pronouncement from the White House economists, who are still employed, is
that the stimulus has in fact already created or saved 1 million jobs.
This is a childish econometric game grownups should ignore. There's utterly no way
to measure jobs saved or even come up with a reasoned estimate, not that reasoned
estimates have proved to be the Obama administration's forte.
The stimulus has produced very few jobs directly. So, virtually all of the Obama
claim has to be of jobs saved. There are 131 million non-farm jobs in the United
States. So, which ones would have disappeared if the stimulus package hadn't passed?
There's no place to even begin an intellectually honest inquiry into that question.
So, it's a fair conclusion that, so far, the stimulus plan has been a bust. But
that's different than saying that Obama is to blame for the current high rate of
unemployment or the increase in it since he became president. In fact, there are
deep economic corrections taking place beyond the ministrations of politicians. The
alternative policies pushed by Republicans wouldn't have altered this contour much
either.
American consumers have significantly retrenched in the wake of the housing bubble
bursting. Overall consumer spending has been rather stagnant but a more enlightening
indication comes from state sales tax figures. States try to tax the tangible things
consumers buy. According to the Rockefeller Institute, state sales tax collections
are down 9.5 percent over the previous year.
Businesses have responded to this contraction in consumer demand by shedding jobs,
costs and inventories. They've done a good job of it, which is why the stock market
is recovering.
Obama didn't cause the housing bubble while in the Illinois legislature. Obama
didn't cause the housing bubble to burst while he was in the U.S. Senate. And his
stimulus package hasn't caused the contraction in consumer demand.
Politicians don't want to say it because people don't want to hear it. But there's
not much government can do during periods of significant economic corrections except
expand the safety net to help people cope.
If government gives skittish consumers money directly through rebates, they save it
or use it to retire debt. And, as the stimulus experience demonstrates, government
just moves too slowly and clumsily to effectively compensate for a drop in aggregate
demand, as classical Keynesian economics calls for.
This nonsensical economic blame game is a bipartisan indulgence in cynical
opportunism. Democrats blamed George W. Bush for a recession that began in March,
2001, two months after Bush became president and before any of his economic policies
were enacted into law.
That's not to say that politicians don't have considerable influence on the
longer-term economic trajectory. Obama is pursuing many policies that are likely to
lead to sluggish economic performance even after this economic correction in
reaction to the bursting of the housing bubble runs its course.
If Obama's policies are adopted or still under active consideration and in two years
the economy is still sluggish, he can fairly be held partially to blame.
But not for the current high rate of unemployment.
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
JWR contributor Robert Robb is a columnist for The Arizona Republic. Comment by clicking here.
Robert Robb Archives
© 2009, The Arizona Republic
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