Economists: Obama’s Stimulus is a Failure

Economists Timothy Conley and Bill Dupor studied the effects of the American Recovery and Reinvestment Act (also known as the Obama stimulus bill or ARRA) and found that Obama’s stimulus destroyed 1 MILLION jobs in the private sector while it created or “saved” 450,000 government jobs. That is a net total of 550,000 jobs destroyed. The economists summarize their empirical findings: Our benchmark results suggest that the ARRA created/saved approximately 450 thousand state and local government jobs and destroyed/forestalled roughly one million private sector jobs. State and local government jobs were saved because ARRA funds were largely used to offset state revenue shortfalls and Medicaid increases rather than boost private sector employment. The majority of destroyed/forestalled jobs were in growth industries including health, education, professional and business services. That means that Obama spent almost $1 Trillion of taxpayer money to destroy a net of about 550,000 jobs. Economists’ study: http://web.econ.ohio-state.edu/dupor/arra10_may11.pdf Hat tip: http://gregmankiw.blogspot.com/2011/05/evaluating-arra.html, http://www.powerlineblog.com/archives/2011/05/029042.php

What’s the Problem with Medicare and How to Save it (videos)

Full script at: http://budget.house.gov/fy2012budget/medicare.htm How to save Medicare: http://budget.house.gov/SettingtheRecordStraight/ More on plan to avert the US’s nearing debt crisis and chart a path of prosperity: http://budget.house.gov/fy2012budget/ http://online.wsj.com/article/SB10001424052748703806304576242612172357504.html

What Caused Our Economic Crisis?

This video is an informative look at the factors that are causing our current financial and economic crisis. It discusses policy changes 13 years ago that unleashed the sub-prime mortgage-backed securities market, which accelerated prices erratically, inviting speculation and loose lending practices which were both condoned and encouraged by existing regulation and carried out by risk-blind executives and Fannie Mae and Freddie Mac.

Hialeah Budget FY2011

City of Hialeah’s Budget for fiscal year 2011. Mayor Julio Robaina’s message – section #2 Developing an Environmentally Friendly and Accessible City: Public Transportation Seven large 30 foot buses ($317,000 per bus) and two 14 passenger minivans ($77,000 per minivan) will enhance the existing fleet of buses currently servicing the Hialeah residents. These buses and minivans will be purchased using the ARRA Federal Stimulus funds and will be placed into service approximately in November 2011; they have not been budgeted in this document since payment for the said buses will occur in FY 2012. The Hialeah Transit Department (Transit) has installed the Automatic Fare collection system at a cost of $20,000 per bus during March 2010; the funding for the fare collection system came from the 20% transit share of CITT funds received from the Miami-Dade County. The Transit department is currently waiting for connectivity with Miami-Dade County Transit to become operational which is expected to become effective in the next several months. This fare collection system was budgeted and paid in FY 2010. Hybrid Initiative Four Hybrid recycle trucks costing approximately $360,000 each will be purchased using Energy Efficiency and Conservation Block Grants (EECB) (Special Revenue Fund 135 which was budgeted in FY 2010) will be placed into service in FY 2011. Interesting points on #6 Enhancing City Infrastructure: Milander Park Complex -FY 2011 and prior- One of the major phases of this project will be the revamping of Milander Park. New artificial turf has already been placed in the stadium and the auditorium has been demolished. The Performing Arts and Exhibition Center will be constructed as we transform Milander into a multipurpose convention center for our city. Additionally, a parking garage has been built to alleviate the parking congestion that occurs when events are held at Milander Park. We budget these monies in capital project funds -Fund 303 for $5,000,000 and Fund 306 for $5,000,000. There is an additional allocation of funds budgeted at $1,500,000 in Fund 304 for road improvements and landscaping for this project in conjunction with the completed Hialeah High parking garage. Federal. State and County grant funding -FY 2011 and prior- To supplement the reduced operating budget the City of Hialeah will received in FY 1011 $6,554,598 in grants from Federal, State and County agencies for road construction, as follows: 1) $4,454,598 will be received from the Florida Department of Transportation (FDOT) on the construction of new State roads in within our City limits. 2) $2,100,000 from the Miami Dade Public Works Department for road construction of NW 138 Street in the annexation area. Read more: Budget 2011 (PDF) http://www.hialeahfl.gov/dep/finance/Budget/2011/pdfs1/Budget%20Message.pdf

Economic Crisis 101

Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.

At a 2004 hearing see Democrat after Democrat covering up and attacking the regulations to protect Fannie Mae and Freddie Mac (their Cash Cows) that are now destroying our economy because the Democrats let them cheat.