A Funny Thing Happened On The Way To 5.7 Percent
June 11, 2012 by Bob Livingston
In February 2009, Congressional Democrats (with three quasi-Republican enablers in tow) solved America’s unemployment problem and financial woes by passing the American Recovery and Reinvestment Act of 2009.
This act ordered the Federal Reserve to print hundreds of billions of new dollars for President Barack Obama to throw into the air to, we were told, create jobs for Americans, provide temporary relief for those most affected by the recession and invest in infrastructure, education, health and so-called “green” energy projects. The total cost of this Keynesian boondoggle was to be $787 billion.
Obama’s transition team promised in an impact statement that if the ARRA were passed, unemployment — which stood at 7.8 percent at Obama’s inauguration — would be down to 5.7 percent by May 2012. A funny thing happened on the way 5.7 percent: nothing. The “official” May unemployment number was 8.2 percent. This was predictable and predicted.
Forty months have passed since the official unemployment rate was below 8 percent. This has not happened in America since the Great Depression. According to a report by the Congressional Budget Office, ARRA will cost a total of $831 billion by 2019. What was gained by the expenditure of this money? Between 200,000 and 1.5 million jobs, according to the report.
In other words, ARRA created jobs at a cost of between $554,000 and $4.1 million each.
The notion that the Federal government spent $800 billion to create jobs is classic doublethink. If the money had to be spent — a false notion — there were certainly better ways to use it.
According to the U.S. Census Bureau, the median household income is $51,914. If the goal was to employ people, more than 16 million could have been employed to do nothing — or many things — if they each were paid the median household income. This is more than the total number of Americans unemployed (12.7 million), according to the Bureau of Labor Statistics.
Although couched in altruistic terms in order to deceive the American people into buying the lie, the money was used to reward corporatocracy — Wall Street, the banksters, large corporations that own American government and Obama campaign donors — not to stimulate recovery.
This is fascism in the name of democracy.
Understand this: The so-called stimulus package was a myth, as was the 2008 bailout package. The stated reasons for these packages were myths. Any statements by politicians that they have concern for the American people are falsehoods.
What we have is grand theft, grand fraud and grand deception. That is not a myth.
The real issue of the empire of intrigue is sucking the savings out of the American people by seductively watering their U.S. dollar accounts. This is not a myth. There is no historical equal.
The greatest tragedy of all is that the American people — the victims of this financial massacre — somehow, someway believe that this rape and the transfer of their savings and retirement to the system is good business. A more sober people would see this masquerade as a slaughter of their blood-bought assets and as no less than total war.
But the political elites continue to pile on. They are using weapons of mass deception.
CNBC reports that banks are being pressured to buy up government debt. It has been going on for years. What does this mean?
It means there is a time bomb fast ticking toward zero. Its explosion will be horrific.
There now seems no way to stop it. It is creating a new debt bubble that will rival the derivatives fiasco.
Fed Chairman Ben Bernanke delivered what the mainstream media described as a stern warning to Washington to act more aggressively on debt reduction and fiscal responsibility. There is no appetite for that in Washington — or anywhere else.
The European Union is in crisis. Greece is on the verge of collapse. Spain is stalling for time. French citizens just elected a socialist who promises to double down on the policies that got the French economy in trouble to begin with. Germany will soon financially rule Europe.
It is not polite to speak of the EU as Eurosocialism or, God forbid, a neo-Nazism with Germany running the show. Nazi propaganda said, “Next time the world.”
Can we not see how National Socialism (Nazism) evolved through chaos to the New Order? If it looks like a duck and walks like a duck, it must be a duck.
The elite rulers of the world have a weakness. They use the same plans over and over. They change only names and propaganda. The people can’t seem to follow the underlying threads because, like children, they get outfoxed by different names and camouflages.
So now even the whole world has been hoodwinked into supporting National Socialism under the name European Union. Do you think that Herr Hitler would love it?
EU leaders call for austerity. No meat and trifling little fat are cut from the bone. Yet those who have for so long received something for nothing riot and strike and destroy. Then progressives point to the chaos in Europe and say, “See what austerity brings?”
What passes for “austerity” in Europe is similar to what passes as “austerity” in America: No one is serious about — or even seriously proposing — cutting government spending. Even suggestions to slow the growth of government spending are met with derision.
The only difference in America and Europe is the sacred cow military-industrial complex, which must continue exponential growth in order to feed Pax Americana.
More than 46 million Americans are on food stamps. Half of all Americans get some form of government assistance. These are all that are staving off “austerity riots” in America.
The next great transfer will be the confiscation of individual retirement accounts, 401(k)s and pension plans to pay down government debt. This will be the last big rape!
When that is gone, chaos and destruction will follow. Out of the ashes will rise a new system, hopefully a sound one on a gold standard. We must first go through the fire.