Barack Obama,  economics

Obama Scrambles on Economy – Now Promises 600,000 Jobs

President Barack Obama, seen here on June 07, announced Monday a boost to economic stimulus spending over the next three months in a bid to save or create 600,000 jobs through summer youth programs, schools and public works

With the economy continuing to falter and unemployment at 25 year highs, President Obama today promises the creation of 600,000 jobs this summer.

President Barack Obama promised Monday to deliver more than 600,000 jobs through his $787 billion stimulus plan this summer, with federal agencies pumping billions into public works projects, schools and summer youth programs.

Obama is ramping up his stimulus program this week even as his advisers are ramping down expectations about when the spending plan will effect a continuing rise in the nation’s unemployment. (See pictures of the global financial crisis.)

Many of the stimulus plans that Obama announced Monday already were in the works, including hundreds of maintenance projects at military bases, about 1,600 state road and airport improvements, and federal money states budgeted for 135,000 teachers, principals and school support staff.

The administration had always viewed the summer as a peak for stimulus spending, as better weather permitted more public works construction and federal agencies had processed requests from states and others.
But Obama now promises an accelerated pace of federal spending over the next few months to boost the economy and produce jobs.

Obama has NO clue abut the role of government and the economy. Massive government spending and deficits will NOT spur the priovate economy and will lead to inflation and slow economic growth.

American business is afraid to act or invest capital – even if they have it. They know that higher taxes are coming to pay for Obama’s massive governmental intrusion into the economy and they will have nothing of it.

The economic stimulus bill was nothing about spurring on the economy. It was all about paying off Obama’s political constituencies.

If the President had been concerned about stimulating the economy, why didn’t he adopt the GOP suggestion of suspending the payroll tax and deliver real relief for taxpayers.

Now, he hits the campaign trail to what?

Spin his failed economic policies, no doubt.

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