Why the Stimulus Failed
Unemployment rose from 9.8% to 10.2% in October, accroding to the Bureau of Labor Statistics, which also reported a loss of 190,000 jobs. Obama’s promise to tackle unemployment and to “save or create” three to four million jobs by 2010 seems ambitious (and difficult to measure objectively; how do you know if you “saved” a job?). Given the recent rise in unemployment and dramatic increase in the deficit, it’s no wonder that some are highly skeptical of the success of his stimulus plan. The concept of Keynesian stimulus is simple. Essentially, the stimulus is based upon the multiplier effect: the...
Original Article: Forum: News/Activism
Tags: Bureau Of Labor, Bureau Of Labor Statistics, Dramatic Increase, Job, Jobs, Multiplier Effect, Rose, Stimulus Plan, Success, Unemployment