Mind Boggling Liberal-Progressive Naivite: Obama Says Extending Unemployment Benefits Will ‘Create Jobs Right Now’
More Hyscience Aug 5, 2011, 7:58 pm
Albert Einstein said that “Insanity is doing the same thing over and over again and expecting different results.”
But I’ll let readers arrive at their own description of Barack Obama’s latest job creation idea – that “extending unemployment benefits will create jobs right now“!
Before you come up with your answer, there’s something you should consider; the silly liberal-progressive notion “that every dollar spent on extending unemployment insurance benefits produces $1.61 in economic activity” … just simply isn’t true (If every dollar of unemployment benefits really added $1.61 to real GDP, then putting everyone on the dole would make us all much richer). Overwhelming evidence that extended unemployment benefits raise the duration and rate of unemployment comes from economists in the Obama administration, Larry Summers and Treasury economist Alan Krueger, as well as many others such as Lawrence Katz of Harvard and Bruce Meyer of the University of Chicago. And then there’s that not-so-little-matter that bribing people to stay on the dole for an extra 53-73 weeks (or 99 – ad infinitum) leaves them with less money to spend, not more. It also looks bad on resumes, and may cause lasting damage to future job prospects.
Oh yeah, as for the Democrats talking point that they are going to focus on jobs – history shows we’ve heard that one many times before. And we all know how that’s worked
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- Description: Albert Einstein said that