Sunday, May 31, 2009

Stimulus Shrinks Economy

Stimulus Package Shrinks Economy, Destroys Private Sector Jobs
05/31/09 - OpenMarket by Hans Bader

This is only the last part:

[edited] A provision in the stimulus package that blocked a mere 97 Mexican truckers from U.S. roads "caused Mexico to retaliate with tariffs on 90 goods affecting $2.4 billion in U.S. trade", destroying 40,000 American jobs.

The vague "buy American" provisions of the stimulus, doing little to promote purchases of U.S. products, managed to ignite a trade war with Canada.

Obama's policies echo those of Herbert Hoover, who helped spawn the Great Depression through his protectionism and tax increases.

One of Obama's advisers admits that “the barrage of tax increases proposed in President Barack Obama’s budget could kill any chance of an early and sustained recovery.” Even the Washington Post, which endorsed Obama and once supported his auto bailouts, now has soured on them and their waste of taxpayer money.

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