A new report showing a net loss of 125,000 jobs adds to the growing avalanche of evidence the $1 trillion stimulus has failed to boost the economy as promised, according to a chorus of economic experts.
Democrats had been planning to herald this as the Summer of Recovery, expecting a peak in stimulus spending. But the dreary economic news is contributing to a rising chorus of complaints from conservative economists that the stimulus spending binge has failed to deliver as promised.
"Yeah, I think we can say the stimulus was a bust," Stephen Moore, a Wall Street Journal editorial board member and the newspaper's senior economics writer, tells Newsmax. "The real problem is that the president has no plan B. We've had plan A, that was spend a trillion in stimulus. That didn't work. We've lost 2.2 million jobs since we started that spending, and all the president wants to do is add more stimulus. That's what's so disappointing."
Friday's Bureau of Labor Statistics report was a mixed bag. Unemployment dropped to 9.5 percent, but the dip was primarily because more people gave up looking for work. Although private employment rose, there was a 225,000 drop in jobs because of the loss of temporary census employment.