Obama in Economic Denial

President Obama Tuesday night proclaimed at his high-dollar, Hollywood fundraiser that the economy is on the rebound due to his “stimulus” spending orgy. Obama told the adoring crowd of limousine liberals, “You ain’t seen nothin’ yet!”

Back in the real world, unemployment rates continued their steady rise upward this week, reaching a record high for the 17th consecutive week.  Nearly 6.8 million Americans are receiving unemployment benefits despite White House claims that we have begun to spend our way into prosperity.

Federal tax revenues fell a significant 34 percent in April of 2009 due to a national unemployment rate now approaching 9 percent. The Gross Domestic Product (GDP) of the United States fell by 6.1 percent in the first quarter of 2009.  The conflated squandering of American tax dollars by a White House and Congress who have long ago dispensed with any modicum of restraint will result in the six highest budget deficits in American history and will add $5.2 trillion in new debt by 2014.

Rep. Tom Price (R-Ga.), chairman of the Republican Study Committee, was again sounding alarm bells yesterday as the dour economic news continued to dominate the headlines, despite Obama’s claims.

“How many more Americans must lose their job before President Obama finally admits that his so-called stimulus has been nothing of the sort?” Price said. “Months after the bill was signed, we should expect that an economic stimulus would actually stem job losses. Unfortunately, the President and his allies made it clear that their spending spree was more about a political agenda than economic recovery. Now, as unemployment continues its climb, Americans have received another trillion dollar reminder that runaway government spending and empty rhetoric will not put us back on the road to prosperity.”

“Economic recovery is not out of reach, but Washington must first come to terms with the reality that its reckless spending habits are not the solution that we need,” Price concluded. “Instead of carelessly handing out taxpayer money and accumulating mountains of debt, we must put the power to grow back in the hands of the American people. We must embrace economic freedom and restore the foundations that once allowed the American economy to thrive.”

Yesterday, President Obama claimed that his so-called stimulus package had “saved or created” 150,000 jobs in its first 100 days.  Leaving aside the absurd notion that the President’s policies have “saved” jobs, the U.S. Bureau of Labor and statistics told a completely different story as their overall numbers indicate that the economy shed more than 1.2 million jobs in March and April.  

USA Today reported yesterday that stimulus dollars are not reaching the areas hardest hit by the Obama Recession:

“Nationwide, federal agencies have awarded nearly $4 billion in contracts to help jump-start the economy since President Obama signed the massive stimulus package in February. But, with few exceptions, that money has not reached states where the unemployment rate is highest, according to a USA Today review of contracts disclosed through the Federal Procurement Data System.

In Michigan, for example — where years of economic tumult and a collapsing domestic auto industry have produced the nation’s worst unemployment rate — federal agencies have spent about $2 million on stimulus contracts, or 21 cents per person. In Oregon, where unemployment is almost as high, they have spent $2.12 per capita, far less than the nationwide average of nearly $13.”

The report goes on to point out that the most “stimulus” money, over $26 per person, has been spent in North Dakota, the state with the lowest unemployment rate.  

The Obama “stimulus” spending boondoggle is shaping up to be exactly what conservatives warned it would be all along:  waste of a size and scope this nation has never before seen.  

Rasmussen: American ‘Likely Voters’ See Spending as a ‘Big Problem’

In a Rasmussen Reports survey conducted nationwide on May 20-21st, 1,000 likely voters were asked:

“Which is a bigger problem in the United States today– that voters are unwilling to pay enough in taxes or that the politicians are unwilling to control government spending?”

14%    The voters are unwilling to pay enough in taxes
77%   The politicians are unwilling to control government spending
8%      Not sure

This could be an early ray of sunshine for fiscal conservatives in 2010.  Has the sleeping giant begun to stir?