Tea Partiers Blame Recession on Stimulus
By TIM WILEY (AP) – 36 minutes ago
Hundreds of thousands of protestors poured into the streets of Washington D.C., New York City, Chicago, Houston, Los Angeles, and other cities today in a spontaneous “tea party” demonstration against the Stimulus Package which they blame for the recession and high unemployment.
“People of America! Wake up!” called Congressman Ron Paul (R-TX) from the stage of one of the Houston rally. “We come here to denounce the so called American Recovery and Reinvestment Act, which has only resulted in fewer jobs, more bankruptcies and more foreclosures,” he told a crowd of thousands.
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They were backed by government statistics, which show the unemployment rate at 9.7 percent and the number of discouraged workers also very high. That’s because more than 3.3 million jobs have been lost since the Stimulus Bill passed last February. The pain has been taking its toll on ordinary Americans ever since. “The Stimulus Bill is the source of all our problems,” said Nellie Strauss, 41.
"Americans should rue the day the Stimulus Bill passed," explained Bill Evans, 53. "Otherwise the economy would have recovered by now!"
"Look at all the jobs lost since then. It would not be an exaggeration to say that the recession owes its very existence to the Stimulus Bill," Tammy Parker, 21, solemnly told the Associated Press.
Not everyone agreed. One excited old man, Donald Smith, 79, insists that people are confusing coexistence with causation. “This is idiocy,” he exclaims, bewildered. “The Stimulus has been saving jobs, not costing them. The recession was going on well before the Stimulus started to go into effect.”
He points to the 4.4 million jobs lost through last February before the Stimulus passed, the bursting of the largest US asset bubble ever, and the late 2008 worldwide financial crisis to argue that millions in job cuts were baked into trends well before the Stimulus Passed. “To argue that we could have turned a 700,000 monthly job loss pace to an overall net gain in under a year is the height of arrogance,” Smith insists. “Without the Stimulus, even more jobs would have been lost. Look at the outside evaluation of the stimulus, he said, pointing to
Perhaps the best-known economic research firms are IHS Global Insight, Macroeconomic Advisers and Moody’s Economy.com. They all estimate that the bill has added 1.6 million to 1.8 million jobs so far and that its ultimate impact will be roughly 2.5 million jobs. The Congressional Budget Office, an independent agency, considers these estimates to be conservative.
But Joe Smith, a self identified independent plumber from Ohio, isn’t convinced. “So what? Some nerds with calculators come out with a study,” he says, tossing his head dismissively at the idea. “Economics was never my strong suit,” He lowers his head in a hang-dog manner before concluding “All I know is, I lost my job over a year ago, and it’s been a struggle to find one since.”
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In other news....
Egyptians Thank Dam for Nile
Egyptians Thank Dam for Nile
By SAMUEL CLEMENS (AP) – 1 hour 13 minutes ago
Millions of Egyptians poured into the streets of Cairo, Alexandria, Giza, Luxor, Suez and Port Said today to thank the Aswan High Dam for the existence of the Nile River, which they say gives their nation sustenance.
“People of Egypt!” cried Alexandria mayor Oulam Massri from atop a balcony with throngs of festive revelers writing below. “We come here to celebrate the fortieth anniversary of the Aswan High Dam, which has given us the river Nile, to which we owe all our fertile grassland,” he proclaimed.
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They were backed by government statistics, which claim that 680,000 gallons of water flows downstream from the Dam per second. That’s 858 trillion gallons since the Dam’s completion in 1970. This water has powered Egypt’s farms and cities ever since. “The High Dam is the source of all our drinking water,” said Salama Abidi, 41.
“Egyptians should be grateful for the High Dam,” explained Mosegi Fakhouri, 53. “Otherwise we would be nothing but desert nomads!”
“Look how the water pours out of it nonstop. It would not be an exaggeration to say that the Egyptian nation owes its very existence to the High Dam,” Nuri Zayd solemnly told the Associated Press.
Not everyone agreed. One excited old man, Jafari Nasri, 79, insists that people are confusing coexistence with causation. “This is idiocy,” he exclaims, bewildered. “The Dam was built to hold back the Nile river, not create it. The Nile river existed here long before the Dam was built.”
He points to the Abu Simbel Temples,
the Sphinx,
And the Pyramids of Giza
to argue that a civilization must have existed in Egypt before the construction of the Dam. “To attribute the natural flow of the river to human design is the height of arrogance,” Nasri insists. “Without the dam, even more water would flow. Look at Lake Nasser,” he says, gesturing towards the large body of water behind the Dam to argue that it actually holds back water:
But Naffretiri Bensaid isn’t convinced. “So what? There are some mounds in the desert,” she says, tossing her head dismissively in the direction of the Pyramids. “History was never my strong suit,” she says as she scoops down into the cool river water with her hands and brings up a pristine handful between her palms. “All I know is, this water used to be upstream, and now it’s here. That’s proof the dam is working,” she beamed.