Now, all you Reichwingnuts, put on your thinking caps and take some Gingko Biloba. This might be a bit subtle for you.
When the subject of the stimulus was first discussed, most economists and business people agreed that, given the enormity of the problem and the rate of degradation, that a government spending program of between 8 and 10 percent of GDP would be required to stop the crash and start the rebound. The GDP had slumped from about 14 trillion dollars to 13 trillion dollars. So, the amount needed would be between .08 X 13 = $1.04 trillion and .10 X 14 = $1.4 trillion dollars over two years. For sake of argument, let's take a middle number, about 1.2 trillion dollars.
Rethugs immediately recoiled from the bill, suddenly becoming "fiscal conservatives", even though they had spent about the same amount on the wars in the mideast, and received nothing for it except six or seven thousand dead Americans and the satisfaction of keeping Saudi Arabia in charge of the OPEC cartel and world oil prices. That would be the same Saudi Arabia that supplied 15 of the 19 hijackers of 9/11 and some of the money to fund the attacks. These would be the newly minted fiscal conservatives who NEVER EVEN SUBMITTED A BALANCED BUDGET FOR CONSIDERATION during their long control of the house, much less actually getting one passed.
Democrats tried to keep the Thugs involved, stupidly. They compromised and cut it back to 950 billion, then finally to 787 billion.....big enough to be important and scary, but small enough to be much less effective. THEN, when the Redudlicons got their 165 plus changes to the bill, they ALL VOTED AGAINST the bill that they had screwed up. TOTAL political cowardice. Actually, I'd call it traitorous. "Fuck America and Americans" for political gain. Truly evil assholes, Rethugs.
Now, pay close attention. While lobbying for the stimulus, President Obama said that if they didn't get the stimulus plan, then unemployment would almost certainly go to 10 percent. That is NOT the same as saying that the opposite would be true, that getting the stimulus would guarantee that the rate WOULDN'T hit ten percent. BOTH could be true, and it turns out, WERE true. Wingnuts made an ASSUMPTION which wasn't reasonable nor supported by any statements made by the Obama Administration.
1) We would certainly have much higher unemployment rates than we do now if we didn't pass the stimulus, even though the Thugs fucked it up.
2) The Administration did NOT promise that passing it would keep rates under 10 percent, that was an warranted and unsubstantiated assumption. They asserted that NOT passing it would nearly guarantee rates of 10 percent.
Pay attention.

AAiea out.

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