No. No. No. Don’t say unemployment has been forty plus straight months over 8% under Obama.
Do say …unemployment hasn’t gone below 8% since Obama’s first full month in office.
This month as the media steered Americans towards the mosque issue it skipped over vital information every American should have heard first and foremost. (view frightening 5 min. video coming out of France titled, ‘Islamization’ of Paris a Warning to the West )
August 2010 news not widely reported by the media:
The media steered you away from: The US borders remain open and “unable to defend” while US military personel are currently deployed in more than 150 countries around the world, with more than 369,000 of its 1,479,551 active-duty personnel serving outside the United States and its territories. View video of “fence” on the US border
The media steered you away from: Bankruptcy filings rose 20 percent in the 12-month period ending June 30, 2010
The media steered you away from: The State of Arizona and S.B. 1070 was included in a report to the United Nations Council on Human Rights submitted by the US State Dept. (headed by Hillary Rodham Clinton). The “Universal Periodic Review” stated “… our economic prosperity depend on our capacity to welcome and assimilate immigrants.”
The media steered you away from: Foreclosure activity hits record high in third quarter — 1 in 136 homes received a foreclosure filing. Up 5% from previous quarter. Up 23% from Q3 2008.
The media steered you away from: Housing demand slowed — home sales down.
The media steered you away from: Initial jobless claims at highest level since November 2009
The media steered you away from: Auto sales saw an historic 28 year low
The media steered you away from: Bank failures hit an 18 year high (highest since 1992)
The media steered you away from: Unemployment rates raise in 14 states. Nationally expected to remain around 9.5 percent for the remainder of the year and perhaps until year end 2014.
The media steered you away from: U.S. gasoline demand jumps 1.7%; up .9% year to date. Average price for a gallon of self-serve regular gasoline was $2.75
The media steered you away from: Trade deficit has expanded 18.8 percent in June to $49.9 billion, the largest level in almost two years
The media steered you away from: China moved past Japan into the world’s second largest economy
The media steered you towards: An early end to the Iraq war brings US troops home as “last full U.S. combat brigade” symbolically leave the country. All the while steering you away from the 52,000 troops who will remain in Iraq — coined as “boots on the ground” to assist with policing the country comprised of specially trained heavy, infantry and Stryker brigades, as well as two combat aviation brigades. Read more at Army Times.
The media steered you away from: As of 5/25/10 there were 92,000 U.S. troops in Iraq. All other nations have withdrawn their troops. As of 8/20/10 total military fatalities in Iraq- 4,406.
The media steered you away from: Army suicides hit record in June
The media steered you away from: 10% of the 116,423 active-duty soldiers currently in Iraq and Afghanistan are “non-deployable”
The media steered you away from: The former US commander in Afghanistan who was forced to retire after making scathing comments to a magazine about the Barack Obama administration will take a teaching position at Yale
The media steered you away from: The World Health Organization (WHO) announced the swine flu pandemic has officially ended
The media steered you away from: Fidel Castro warned a US attack on Iran would trigger nuclear armageddon
The media steered you away from: Iran retaliates against US and European sanctions by refusing to accept dollars and euros for oil
The media steered you away from: German police have closed Hamburg mosque because intelligence officials say it’s become a meeting place for extremists
The media steered you away from: The Defense Department proposes the elimination of the Joint Forces Command in Norfolk, Va in an attempt to cut budget spending
The media steered you away from: Kenya’s government is unhappy with the impression created by a U.S. court ruling that granted asylum to President Barack Obama’s aunt for saying she could be targeted by members of Kenya’s government if deported describe the case of Zeituni Onyango as an embarrassment and said the allegations made against Kenya were untrue and unrealistic
The media steered you away from: Iran’s leadership hailed the fuelling of its first nuclear power plant
Whatever happened to the stimulus funds? Who benefited? Who didn’t? After compiling an extensive spreadsheet* it’s time to share it with you … from then to now. A state by state breakdown is at the end of this post.
Before Barack Obama was inaugurated to the most powerful office in the world on January 20, 2009 his cries of acting “swiftly and boldly” for passage of the stimulus bill were heard across the country. Declarations were made that the $787 stimulus bill would prevent millions of job losses from occurring.
A media frenzy ensued:
Nov. 24, 2008–(MSNBC) Obama calls for aggressive stimulus
Nov. 24, 2008–(NY Daily News) Obama to Congress: ‘Act quickly’ on stimulus package to create jobs
Dec. 3, 2008–(TimesArgus) Obama to governors: Help is coming quickly for states
Dec. 7, 2008–(Bloomberg) Obama says economy will worsen before recovery begins n
Jan. 27, 2009–(NY Daily News) GOP leaders tell rank and file to oppose Obama’s $825B bailout — even after concessions
Before taking office, Obama said the economic recovery was more important than the “enormous” federal budget deficit he would inherit “and that means that we can’t worry, short term, about the budget deficit.”
Since President Obama took office:
Within a month of the historic Presidential Inauguration, a $787 billion American Recovery and Reinvestment Act of 2009 (ARRA) was signed into law on February 17, 2009 by President Barack Obama. In fact — the AARA was the 2nd stimulus package — the first was passed by President Bush a year earlier for $168 billion.
Sixteen months later unemployment has gone from 7.7% to 9.7% (Jan. 2009-May 2010) and the battle cry for another stimulus bill is being called for — even though the $787 billion ARRA funds have not been completely distributed.
Sixteen months later the public debt stands at $13.2 Trillion from the previous $10.6 Trillion debt of January 20, 2009 (Jan. 2009-July 2010). This debt represents figures in the HISTORY of our country. Eighteen months ago “we” had an accumulated debt of $10.6T in the HISTORY of our country. Within eighteen months, “our” debt has increased by about one third more. By contrast our public debt stood at $5.7T when President Bush took office in Jan. 2001. President Clinton did run a balanced budget but did not wipe out our debt — rather than cut spending President Clinton generated monumental revenue by collecting future tax income during his administration through the Roth IRA conversion — a financial stunt President Obama is also offering — with some new carrots to entice the public. The public debt was nearly $4.2T when President Clinton took office in Jan. 1993.
January-June 2010: 96
January-June 2009: 45
Total 2009 failures: 171
Home reposessions — May 2010 marked a record monthly high for the second month in a row of home reposessions. Up 1% from April and an increase of 44 percent from May 2009. All 50 states posted year-over-year foreclosure increases. Nevada, Arizona, Florida had the highest foreclosure (1 in 79 homes) notices in May 2010.
Some questions I had:
Did blue states make out better than red states like some theorists contend?
Did the ARRA achieve it’s goals of providing provisions for immediate federal tax cuts and incentives, an expansion of unemployment benefits and other social entitlement programs?
Did the 28 federal agencies who received recovery funds to finance contracts, grants, and loans around the country complete their task?
Statistics to date:
Note: While compiling the information off of the official government website set up specifically for “transparency” I noted repeatedly that information from one page to another was not consistent (garbage in/garbage out theory may be in play). Further, the website has been adjusted since it’s inception making clear cut information harder to find and in my opinion, buried. Stimulus money was also sent off to Washington, DC which I noted separately. US territories, etc. consisting of American Samoa, Federated States of Micronesia, Guam, Marshall Islands, Northern Mariana Islands, Palau, Puerto Rico, US Minor Outlying Islands, US Virgin Islands and “Unassigned” items will be ignored …for now.
To keep it simple I’ve compiled information based on monies given to our 50 states unless noted and have rounded figures.
$195.6 Billion of the $787 Billion stimulus money has been allotted to our 50 states.
If, in a perfect world it was split 50 ways it would average $3.9B per state.
If every US resident pocketed an equal share the $195.6B it would split up to be approximately $636 for each person. (extracting out the loans)
One in 459 people in the US have benefited from “job creation.”
By comparison, $3.4 Billion has been rewarded to Washington, DC ($883.6M in contracts and $2.5B in grants).
$3.4 billion was awarded in the form of contracts and grants — no loans were made to Washington, DC.
One in 145 people in Washington, DC have benefited from “job creation.”
If the money funded to DC were equally distributed to each of its estimated 599,000+ residents they would each pocket about $5,670.
Other stimulus statistics
The most funding by dollar amount: California $22 billion
The least funding by dollar amount: Wyoming $538 million
State with biggest “piece of the pie” on a per resident basis of “free” money (grant and contract funds – less borrowed funds that have to be paid back): Alaska $2,419 per resident
State with smallest “piece of the pie” on a per resident basis of “free” money (grant and contract funds – less borrowed funds that have to be paid back): Florida $498 per resident
Jobs created across 50 states: 661,767 (13,235 avg. per state)
Average cost per job created: $295,600
Most jobs created: California 70,187 jobs
Least jobs created: Rhode Island 526 jobs
Highest job creation from fund dollars awarded (biggest bang for the buck): Illinois, $124,120 per job
Lowest job creation from fund dollars awarded (least bang for the buck): Rhode Island, $1,371,184 per job
Most jobs created per capita: Illinois, one in 199
Least jobs created per capita: Rhode Island, one in 1,994
By year end 2009 $174.7B was awarded and $53.8B of the $787B was received by recipients (including DC & territories)
January 1, 2010 through March 31, 2010 saw an additional $26.9B was awarded and $7.7 received by recipients.
Listings by state
The first figure below is how many residents within the state benefited from the $787 Billion stimulus through job creation.
Blue states voted for Obama while red states voted Republican.
The figure in ($ ) designates the amount of stimulus money divided by the number of jobs created [i.e. $200,000 in stimulus money created 2 jobs = ($100,000) ] as of March 31, 2010.
The final figure reflects the May 2010 Unemployment by %
**indicates states hit hardest by home foreclosures
***indicates states hit hardest by illegal immigrants
Alabama — 1 in 386 ($254,825) 10.8%
Alaska — 1 in 372 ($899,860) 8.3%
Arizona — 1 in 944 ($623,283) 9.6% ** – ***
Arkansas — 1 in 771 ($467,014) 7.7%
California — 1 in 523 ($314,562) 12.4% ** – ***
Colorado — 1 in 482 ($361,493) 8.0%
Connecticut — 1 in 456 ($244,371) 8.9%
Delaware — 1 in 644 ($524,031) 8.8%
Florida — 1 in 476 ($238,293) 11.7% ** – ***
Georgia — 1 in 305 ($169,190) 10.2%
Hawaii — 1 in 503 ($417,187) 6.6%
Idaho — 1 in 209 ($196,175) 9.0%
Illinois — 1 in 199 ($124,120) 10.8%
Indiana — 1 in 1,117 ($734,857) 10.0%
Iowa — 1 in 340 ($208,117) 6.8%
Kansas — 1 in 318 ($188,491) 6.5%
Kentucky — 1 in 252 ($150,356) 10.4%
Louisiana — 1 in 506 ($311,822) 6.9%
Maine — 1 in 761 ($532,603) 8.0%
Maryland — 1 in 837 ($645,233) 7.2%
Massachusetts — 1 in 556 ($441,153) 9.2%
Michigan — 1 in 678 ($488,157) 13.6%
Minnesota — 1 in 457 ($282,138) 7.0%
Mississippi — 1 in 422 ($313,903) 11.4%
Missouri — 1 in 335 ($213,048) 9.3%
Montana — 1 in 286 ($341,966) 7.2%
Nebraska — 1 in 484 ($300,576) 4.9%
Nevada — 1 in 545 ($311,501) 14.0% ** – ***
New Hampshire — 1 in 919 ($538,532) 6.4%
New Jersey — 1 in 450 ($261,390) 9.7%
New Mexico — 1 in 408 ($440,592) 8.4%
New York — 1 in 478 ($302,316) 8.3%
North Carolina — 1 in 376 ($211,435) 10.3%
North Dakota — 1 in 259 ($318,841) 3.6%
Ohio — 1 in 497 ($325,923) 10.7%
Oklahoma — 1 in 456 ($303,191) 6.7%
Oregon — 1 in 503 ($327,771) 10.6%
Pennsylvania — 1 in 606 ($353,022) 9.1%
Rhode Island — 1 in 1,994 ($1,371,184) 12.3%
South Carolina — 1 in 503 ($474,843) 11.0%
South Dakota — 1 in 330 ($406,914) 4.6%
Tennessee — 1 in 464 ($351,314) 10.4%
Texas — 1 in 559 ($301,490) 8.3% ***
Utah — 1 in 485 ($332,431) 7.3%
Vermont — 1 in 576 ($546,254) 6.2%
Virginia — 1 in 525 ($310,220) 7.1%
Washington — 1 in 452 ($410,146) 9.1%
West Virginia — 1 in 765 ($582,718) 8.9%
Wisconsin — 1 in 532 ($308,172) 8.2%
Wyoming — 1 in 833 ($841,839) 7.0%
District of Columbia — 1 in 145 ($823,363) 10.4%
NOTE: Twenty-eight different federal agencies have been allocated the $787 billion in recovery funds. Each agency chooses how to spend its funds.
The funds are split into three catagories:
$288B in tax benefits (56% has been awarded)
$275B in contracts, grants and loans (43% has been awarded)
$224B in entitlements (60% has been awarded)
*The spreadsheet is available for purchase.
I was perplexed when I went back to review some unemployment numbers only to find that all 50 states had seen a change for the 12 months of 2009. (see charts below) (current unemployment rates may be seen here)
The unemployment situation is dangerously critical. 2009 saw a rise of almost 32% in bankruptcy filings according to the Admin. Office of the US Courts.
In a recent post I had expressed my difficulty in understanding why the national unemployment rate for November and December stayed steady at 10% when 42 of the states had seen a rise in unemployment. (view post)
The recent uncovering of e-mails and data manipulation from the Climate Research Unit (CRU) at the University of East Anglia dubbed “Climategate” still fresh in our minds I think of what Mark Twain once said, “There are three kinds of liars; liars, damn liars and statisticians.”
Further adding to my bewilderment is that although the month to month statistics have changed for the 50 states in the last 12 months the national unemployment rate has seen no change for that same period.
President Obama signed an Executive Order directing federal government employees to receive a raise begining January 2010. (current unemployment rates may be seen here)
Not a peep was said about the federal pay raise as the country concluded 2009 with it’s third consecutive month of 10% unemployment.
Hope and change on better paying jobs
Today unemployment figures are trending up beyond 10.2% with a U6 figure of over 17% unemployed nationally. A year ago unemployment was 6.6% (source: Bureau of Labor Statistics) (current unemployment rates may be seen here)
Hope and change on gasoline prices
At todays average price of $2.639, a gallon of gas runs $.70 higher than last year. Bitterly remembering July of 2008 when gasoline prices topping $4, we forget that by the 2008 holidays, prices had dropped back down to a more palatable $1.929. (source: AAA)
Hope and change on housing
At the end of the third quarter of 2009 US foreclosure activity set a new quarterly record – up 23 percent from the same time last year. September 2009 saw a monthly increase of 29 percent over September 2008. (source: RealtyTrac)
Hope and change on federal debt
Last year the public was outraged at a growing national debt of $10.65 trillion. Today our government debt stands at over $12 trillion. Our new federal debt spread out to every citizen is over $39,000 each. (source: US Treasury) (see below “what’s the difference between debt and deficit?”)
Hope and change on federal deficit
A year ago the administration missed it’s target budget by $455 billion. A huge budget miss compared to $162 billion overspent in 2007. 2009 saw overspending beyond the budget in excess of $1.4 trillion (source: US Treasury)
Hope and change on the wars
Operation Iraqi Freedom (OIF) saw 314 casualties in 2008 while 2009 has seen 144 casualties so far this year. Operation Enduring Freedom (OEF, Afghanistan) saw 155 casualties in 2008 while 2009 has seen 297 so far this year. (source icasualties.org)
Hope and change for smokers
2009 saw the highest federal tax increase on cigarettes from 39 cents to a whopping $1.01. The additional 62 cent increase this year was added to fund the expansion of S-CHIP (State Children’s Health Insurance Program) that was signed into law in February by our President. State taxes range from seven cents to $2.75 per pack additionally. The price of a pack of smokes is now around $4.50 to $9.15 depending on where you live.
Hope and change on the dollar
One dollar — a year later — has nearly the same buying power as dollar in 2008. Annual inflation over this period was about 0.09%. However, the US dollar continues to drift lower against the euro. (source: currency converter)
Hope and change for the citizens
A shift in the United States has moved towards protecting illegal immigrants from prosecution whilst legal citizens may serve up to five years in jail if proposed mandatory healthcare fees aren’t paid. In 2008 the dream was still alive for anyone who worked hard to achieve their goals. In 2009 the government gave free money towards cars and homes for those who “qualified.”
A year in review
A year ago people felt safe, jobs were abundant, gasoline prices were reasonable, government spending was lower, mortgage payments could be met, and war casualties were less – yet — the previous administration was held in contempt.
What a difference a year makes.
“What’s the difference between debt and deficit?” – Think of deficit as how much money is overspent annually. Debt is the accumulation of the annual deficits.