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Obama's Dollars and Cents Report Card

Let's just say he didn't make the honor roll. The headlines pretty much say it all:

ABC News Exclusive: Obama Admin Slashed 60,000 Jobs From Recent Stimulus Report

$6.4 Billion Stimulus Goes To Phantom Districts "According to data retrieved from recovery.gov, nearly $6.4 billion was used to 'create or save' just under 30,000 jobs in these phantom congressional districts-almost $225,000 per job. The web site operates on an $84 million budget and is tasked with monitoring the distribution of the $787 billion stimulus package passed by Congress..."

Recovery Board Chairman: We Can't Certify Jobs Data at Recovery.gov

Obama: Job creation not goal of Dec. 3 jobs forum Take comfort, O ye great masses of unemployed, The One is prepared to spare no effort in engaging in serious dialog, as often and as long as it takes, in order to gather ideas. Meanwhile, your unemployment benefits are drying up and your house is on its way back to the bank. But fear not, our President will do whatever it takes to ensure he makes the right decision.

Perhaps it's also worth noting that Herbert Hoover invested a great deal of time meeting with the heads of major industries and labor unions in the early days of the Great Depression, urging them to commit to new work expansion programs and asking them not to cut wages or lay off employees. The result of this effort was a lop-sided economy in which unionized workers employed by big business enjoyed job security and guaranteed wages, while other workers and small business owners lost their jobs or went bankrupt.

While we're on the subject of jobs, make sure you watch this chilling graphic of unemployment by county in the US, as it progresses from January 2007 (when the Democrats took control of Congress) through September 2009. Then compare the final map's ominously dark regions with the regions of the nation that voted overwhelmingly for Obama last year. With the exception of the Deep South, the areas that have seen the largest increases in unemployment were also the regions that voted overwhelmingly for Barack Obama. And the Democrats are wondering why Obama is losing the support of independents in droves?

Incidentally, the Administration has yet to comment on how its "jobs made up out of thin air" will fit into its "jobs created or saved" Stimulus goals.

Okay, employment is tanking, but maybe the much-touted TARP bailout of our "too big to fail" banks fared a little better. Whoops, my mistake again:

Inspector General: Geithner Overpaid AIG in Bailout It seems that TurboTax Timmie really stepped in it this time:

Treasury Secretary Tim Geithner is in trouble again, and this time he may not be able to save his job. You'll recall that his confirmation was threatened by revelations of cheating on his income taxes. Now he's accused of paying billions too much for the bailout of AIG and allowing the insurance firm's Wall Street creditors -- Goldman Sachs, Merrill Lynch, Wachovia -- to be paid in full for their derivative contracts with $27.1 billion in taxpayers' money.

The accusation comes from Neil Barofsky, the inspector general for the Troubled Asset Relief Program (TARP) in a report issued yesterday. At the time of the bailout in September 2008, Geithner was president of the Federal Reserve Bank of New York.

Rather than bargain with AIG and its creditors for a reasonable bailout, Geithner agreed to pay "an amount far above the market value at the time," the report said. The bailouts for the big creditors was agreed to by Geithner "even though senior policy makers contend that assistance to AIG's counterparties was not a relevant consideration in fashioning the assistance to AIG."

Of course if Geithner, a former Federal Reserve bank president, had been appointed by a Republican, Democrats would now be screaming at the top of their lungs about cronyism and corruption and political paybacks orchestrated by a banking big-wig for his billion-dollar banking buddies. Thankfully, calls for Geithner's resignation have already broken out from both sides of the political aisle.

And finally, speaking of TARP, what happened to all of the money? Apparently the big banks corrected their balance sheets by writing off or re-valuing much of their toxic assets, replenished their cash reserves, paid their executives lavish bonuses, and ... well, not much else:

Obama mortgage rescue: Only a few get lasting help "Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort."
...

Obama supporters may argue that everyone makes mistakes, and that none of this is the fault of the President or the Democrats.

Sorry, but I'm not buying that.

We just completed eight years of "it's all Bush's fault." Everything, whether he reasonably could have affected its outcome or not, was hung around George W. Bush's neck. Bush was also panned as the worst / dumbest / most uncurious president ever. When we as a nation elected Barack Obama we were promised hope and change. We were promised the best and the brightest, the keenest, most highly educated minds, the most promising collection of intellects that the Ivy League had to offer.

And this is the best that they can do?

ADDED: When compiling links for this post I inadvertently omitted this whopper:

Millions may have to repay part of Making Work Pay tax credit

They called President Bush dumb, but his simple "check is in the mail" stimulus refunds didn't end up costing taxpayers cash out of their own pockets. Once again, heck of a job Barry.


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Comments (13)

Just goes to show that bein... (Below threshold)
Gmac:

Just goes to show that being 'book smart' ain't all it's cracked up to be. It helps to have experience and Obama and his legions of minions are doing their best to destroy what was left of America's entrepreneurial base with their policies.

We were promised the be... (Below threshold)
JLawson:

We were promised the best and the brightest, the keenest, most highly educated minds, the most promising collection of intellects that the Ivy League had to offer.

I'm thinking the Ivy League isn't what it used to be - or perhaps ever even was. They've been riding on reputation and the good old boy network for decades, but it's looking more and more like they've been vastly overrated when it comes to core competencies... like simple addition.

A few thoughts.....<p... (Below threshold)
Hank:

A few thoughts.....

I still cannot believe the MSM lets the Obama administration use the phrase "jobs created or saved". Axlerod and Emannual must laugh their asses off each time they hear that used in a "news" report.

The website recovery.gov operates on an $84 millions dollar budget? I'd love to see the breakdown of how that money is spent.

Most independents I know now regret having voted for Obama. I really wonder what it will take for the hard-core left to admit their mistake. I know it won't happen but I do wonder what imaginary achievment they use to justify their continued support for this President/congress.

The website recovery.gov... (Below threshold)
JLawson:

The website recovery.gov operates on an $84 millions dollar budget? I'd love to see the breakdown of how that money is spent.

$120 web hosting, 1 yr, 1and1.com, w/free domain name registration

$60,000 - Intern pay to create and maintain website for one year.

$12.5 million - lease on one single room office w/utilities (Agent's commission figured in.)

$3000 - desk, chair, computer hardware for Intern.

$30.5 million - ISP access (Agent's commission figured in.)

$41 Million - Membership to Google for internet research. (Agent's commission and royalties to Creator of Internet figured in.)

Whoops - that comes to more than $84 mil - guess we've got to lose the intern!

I think President Obama has... (Below threshold)
Matt:

I think President Obama has fulfilled his campaign promise of Hope and Change. Possibly the only promise he has kept.

We Hope things will get better while they Change for the worse...

"I still cannot believe the... (Below threshold)
Les Nessman:

"I still cannot believe the MSM lets the Obama administration use the phrase "jobs created or saved"."

Amen. I have been thinking the same thing ever since I first heard this bullshit phrase.

the new phrase is: "xxx biz... (Below threshold)

the new phrase is: "xxx bizziliion jobs Created, Saved, or Imagined"

Ive got no dollars and He's... (Below threshold)
914:

Ive got no dollars and He's got no sense. F-

I can hardly wait for input... (Below threshold)
GarandFan:

I can hardly wait for input from Stevie Green, VIC, SAUD, jp2 et al.

Besides, "It's all George Bush's fault!"

Let's see, Barry has been mulling over his Afgan options since late August. How many months will he spend jawboning about jobs?

Wasn't PORKULUS just great!

So much for all those new j... (Below threshold)
Flu-Bird:

So much for all those new jobs created from this stymulus pacage Just another proof that OBAMA is a liar

"The accusation comes fr... (Below threshold)
Oyster:

"The accusation comes from Neil Barofsky, the inspector general for the Troubled Asset Relief Program (TARP) in a report issued yesterday."

Oh Boy! Barofsky is in for it now. I hope he's moved his family to an undisclosed location and has a really good lawyer on retainer. Maybe Walpin can suggest someone.

This shouldn't be a surpris... (Below threshold)

This shouldn't be a surprise. Geithner did exactly what O'Bumble wanted him to do. We (well, some of us) were dupes for expecting anything else. Impeach O'Bumble before he does any more damage, and send his "secretaries" and most of his advisers to jail - for "life plus 25 years".

Those who may have to repay... (Below threshold)
Just John:

Those who may have to repay part of their making work pay have been underwithheld. They still get the credit, just not as much as they have been reciveing in their paychecks. It's similar to the Bush withholding scheme of 1992, except it affects a much smaller percentage.

As for me, I'm happy for the tax cut.




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