Morning Bell: The Obama Tax and Spend Economy is Here

Posted March 2nd, 2009 at 9.21am in Ongoing Priorities.

Yesterday, just weeks after they signed their economic stimulus plan, the White House released a statement claiming credit for the reopening of a window and door factory in Chicago, Illinois. Vice President Joe Biden said, “The reopening of this factory and the rehiring of these workers provide an excellent example of how the money in the Recovery Act is targeted to spur job creation quickly.” If the Obama Administration is going to claim credit for every job created since they were elected, then if they are honest, they should also take the blame for every job lost. Since President Barack Obama was elected on November 4, 2008, the Dow has dropped 2,562 points. This past Friday, the Commerce Department reported that the U.S. economy shrank by 6.2%, making it the worst quarter since 1982. Many economists predict that labor data to be released this Friday will show that as many as 700,000 jobs were lost in February.

via Morning Bell: The Obama Tax and Spend Economy is Here » The Foundry .