President Obama and the lot of them – let’s spend our way to financial goodness. So, how’s that working out for ya?
Hmm, according to MarketWatch, not so much (emphasis mine):
The truth? QE2 has created a massive new bubble in dollar-based financial assets, from stocks to gold. Meanwhile, it has had zero visible effect on the real economy.
Take jobs. According to the U.S. Labor Department, since last August the number of full-time workers has gone up by just 700,000, from 111.8 million to 112.5 million.
At a cost of $600 billion, that’s $850,000 a job.
The picture’s even more meager. Over the same period, the number of part-time workers has gone down by 600,000. In other words, we’ve basically shifted 600,000 or 700,000 workers from part-time jobs to full-time jobs.
[…]
Housing is double-dipping. Big time. According to the National Association of Realtors, the average price of an "existing" (i.e. used) home was $177,300 in August, just before QE2.
Today? It’s $163,700 – or 8% less.
Economic growth has slowed. It was 2.6% last summer. It’s a miserable 1.8% now.
Meanwhile inflation has risen, from 1.2% before QE2 to 3.1% now.
Yeah, good for us….
(H/T: American Thinker)
