Gorilla's Blog

Unemployment claims: now above 425K!

Inflation: non-existent!

Interest rates: record lows!

Austerity: destroying economic growth!

What’s needed: a massive jobs program, a massive stimulus program, and a higher inflation target!

What’s on offer: absolutely nothing!

Not one head of state in a developed country is pursuing a sensible economic policy.

Gorilla says: “The mistakes are in office, over and over again!”

And $250 billion in spending is roughly 1/8 of what’s needed, even if Congress passes it, and Congress won’t.

This was not a bold jobs plan, this was simply the opening shot in a reelection campaign.

Gorilla says: “What a depressingly leaderless country we inhabit!”

Update: Of course some tax cuts do create jobs, but they’re the least effective form of stimulus. Moreover, the most optimistic estimate by reputable economists is that this plan would create 2 million jobs. There are currently nearly 25 million Americans who are unemployed, underemployed, or have given up on looking for a job. That’s why Gorilla maintains this was not a serious or a bold jobs plan. The Congress will not pass a jobs plan this year or next year. Given that reality, the President should have sought at least three times the money he’s asking for and included a WPA style government jobs program at the center of any proposal. The fact that he didn’t says that he’s more concerned about perception than reality, not exactly surprising in the world of politics, but not exactly inspiring either.

17K private sector jobs added, 0 nonfarm jobs added!

It’s an absolute, unqualified disaster for which President Obama and the Know Nothings are to blame, the President for doing absolutely nothing about unemployment for the last 2 years and the Know Nothings for trying to destroy America so that their reelection prospects improve.

What’s needed immediately is a jobs program, one that will put at least 10 million Americans back to work.

This can be done without Congressional approval if the President and Helicopter Ben would simply get to work on printing money and getting into the hands of the unemployed.

What’s not needed is more bullshit speechmaking, worthless tax credits, and infrastructure programs that will take years to get off the ground.

Given that one political party will not agree to anything over the next 12 months, it’s difficult to see how the US economy stays out of recession or how President Obama becomes something other than the 21st century version of Jimmy Carter by the end of 2012.

Gorilla says: “We need leaders who lead, not some weak and feckless clown living in bipartisan fantasy land!”

Better than expected, but still a lousy jobs figure…

We’re barely covering population growth, and the employment/population ratio remains dismal.

We need to be adding 400,000 jobs each month to get the economy moving again.

Hopefully, Barack and Ben will get off their asses and do something.

Barack’s got limited options, but if he wants to be reelected he needs to propose a serious jobs program, one that will hire at least 10 million people over the next 12 months.

It doesn’t matter whether the Congress goes along, the important thing is to be seen to be doing something, not talking endlessly about unimportant nonsense like bipartisanship and the deficit.

Ben has many more options, starting with raising the inflation target and QEIII, going on to refinancing the nation’s underwater mortgages, and ending with sending unemployed Americans a check for $30,000 every year until demand picks up.

Gorilla says: “Enough of the bullshit, let’s see some substance, please!”

Unemployment claims: right back at 400K!

And everyone in DC’s on vacation, having decided that putting more people out of work by cutting spending is the absolutely best way to deal with an economy lacking demand.

Gorilla says: “We’re all with Mubarak in the cage!”