 |
7 Months After Stimulus 49 of 50 States Have Lost Jobs
House Committe on Ways And Means
Thursday, Oct 22nd, 2009
The table below compares the White House’s February 2009 projection of the number of jobs that would be created by the 2009 stimulus law (through the end of 2010) with the actual change in state payroll employment through September 2009 (the latest figures available). According to the data, 49 States and the District of Columbia have lost jobs since stimulus was enacted. Only North Dakota has seen net job creation following the February 2009 stimulus. While President Obama claimed the result of his stimulus bill would be the creation of 3.5 million jobs, the Nation has already lost a total of 2.7 million – a difference of 6.2 million jobs. To see how stimulus has failed your state, see the table below.
Prison
Planet.tv Members Can Watch
Fall Of The Republic
Right Now Online -
Don't Miss Out! Get
Your Subscription Today!
CANCER CONSPIRACY? Are
"they" suppressing the cure? Will YOU
be the next victim? Learn
the Secret Truth! - READ FULL STORY
-
- Social bookmarks
- Email this article
-
- Print this page
13 Responses to “7 Months After Stimulus 49 of 50 States Have Lost Jobs”
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | |||||||
| By N2H | |||||||||||||||||||||||||||||||||||||||||
October 22nd, 2009 at 3:51 am
You mean the stimulus didn’t work? Imagine my shock and surprise.
October 22nd, 2009 at 6:05 am
North Dakota is the only state that is using their “God-given resources”. Not only is agriculture the major industry, but they are drilling for oil and mining coal for coal-gasification.
October 22nd, 2009 at 6:19 am
Let me guess North Dakota gained jobs cause their drilling for oil there.
October 22nd, 2009 at 8:23 am
Don’t pee on my back and tell me it’s raining.
October 22nd, 2009 at 9:54 am
Just to point out: North Dakota is the only state in America that has it’s own state owned bank.
Check it out: http://www.newrules.org/bankin.....rth-dakota
The bank was originally formed to create additional competition in the credit industry while providing a local source of capital for state investment and development. At the time the nearest financial centers were based in Minneapolis and St. Paul, and farmers were unable to get long-term financing at reasonable rates. BND was formed to “encourage and promote agriculture, commerce and industry in North Dakota.”
The bank is governed by the ND Industrial Commission, consisting of the governor, attorney general and the commissioner of agriculture, all elected officials. The commission, in effect, serves as the bank’s board of directors; it was formed with three members so voters could more easily monitor and influence bank policy.
In contrast to most commercial banks, Bank of North Dakota is not a member of the Federal Depository Insurance Corporation (FDIC). North Dakota Century Code 6-09.10 provides that all deposits in the Bank of North Dakota are guaranteed by the state.
The primary deposit base of the BNC is the State of North Dakota. All state funds and funds of state institutions are deposited with the bank as required by law. Other deposits are accepted from any source- savings and checking accounts from private sources account for between 10 percent and 20 percent of the bank’s deposit base. Use of the banks’ earnings are at the discretion of the state legislature. As an agent of the state it can make subsidized loans to spur development; however, its profits and losses affect state tax burdens.
The bank is used as a tool for economic development. A beginning farmer revolving loan fund was originally established through a transfer of funds from the Bank of North Dakota’s profits. With its’ agricultural loans the bank has developed a reputation for being more lenient than other banks in pressing forclosures.
On behalf of the State of North Dakota, the BND also administers state lending programs that promote agricultural and economic development. For example, under the PACE program for commercial and agricultural lending, a local bank originates a loan, the Bank of North Dakota participates at a rate determined by the community’s economic strength (between 50 percent and 80 percent). The local economic development group and the BND “buy down” the interest rate to 3 points below prime. Since its inception in June 1991, the BND has participated in about $44 million in PACE loans to businesses.
The bank serves many other functions in the state. It underwrites municipal bonds for all of the political units in the state, and has been one of the leading banks in the nation in the number of student loans issued. The bank also serves as the state’s “Mini Fed”, clearing checks for more than 100 banks scattered around the state. Because of its’ rural nature, many ND banks tend to be too small to meet the needs of borrowers. Banks, savings and loan associations and credit unions throughout the state come to the Bank of North Dakota for participation in loans.
As a result of the banks’ services, it enjoys widespread support among the public and the independent banking community. No bill has been introduced in the legislature to do away with the bank since the 1920s.
Austrian School=robber-baron economics Reply:
October 22nd, 2009 at 12:36 pm
StateBanksMatter Says: “Just to point out: North Dakota is the only state in America that has it’s own state owned bank.”
Indeed it is. And since Austrian School cranks are unconditionally opposed to such a bank, shouldn’t all thinking members of the “liberty movement” finally start questioning the validity of the economic snake-oil being peddled to them by those cranks?
http://propagandamatrix.com/fo.....012.0.html
Quacksilver Reply:
October 22nd, 2009 at 3:19 pm
I thought they’re opposed to money-issuing monopolies such as the federal central bank…
October 22nd, 2009 at 6:47 pm
CHANGE YOU CAN SURELY BELIEVE IN……..LOL……………….PUKE……………………….
My Proofreader Died Of Swine Flu Reply:
October 23rd, 2009 at 3:18 am
Change is about all most of us have these days I got like $1.50. So I’ll probably get hit with a windfall profits tax.
October 22nd, 2009 at 6:48 pm
SHOCK SURPRISE DISGUST PUKE….TAKE YOUR PICK….
October 22nd, 2009 at 7:17 pm
and things are only going to get worse…
October 22nd, 2009 at 8:20 pm
Who Killed The World Economy…
http://www.rte.ie/player/#v=1057039
Just click on the ‘play’ button. We Irish are NOT sleeping and never were !
October 22nd, 2009 at 11:42 pm
DEPRESSION STRAIGHT AHEAD..FOR YOU LOVELY IGNORANT & AROGANT AMERIKKKAN SHEEPLE..