According to Larry Summers we can all rest easy about the state of the economy these days. As proof of the stimulus success Summer points to the “Economic Depression” Google searches down numbers. Really? Google has now become an indicator of the state of the economy? I thought rising unemployment numbers were a good indicator of the state of the economy, but that’s just me.
Larry Summer
Summers is the director of the Obama Administration’s White House National Economic Counsel. He has been on the front lines for the President seeking to combat the rising concern in America that the multi-billion dollar “stimulus” package hasn’t helped improve the economy. The video below is from the early days of the debate on the stimulus package and it was touted as a plan to improve employment in the nation.
Unemployment keeps rising despite the massive debt we are facing because of the stimulus package. Read what Summers said recently about the stimulus package and compare that to the video. I think you’ll notice some important differences.
According to a recent story on Politico, Summers touted the successes of the stimulus package. In the story found here, Summers stated the following:
The number of people searching for the term “economic depression” on Google is down to normal levels, Summers said.
Oh joy. The Google numbers are down on a search related to the economy, so we must be doing better. If Google says it then it must be true. The fact that those numbers are down can’t be for any other reason like say Google’s numbers generally drop off in the Summer because people are outside enjoying the weather. Either that or people are losing their internet because they can’t afford it anymore after they lost their jobs because the stimulus has been so successful. Nope, lower searches for economic depression terms on Google mean that we’re going to be just fine. Thank goodness for Google.
I wonder what else Google can show. I’m guessing that right now it will show that Michael Jackson is dead because people are looking for that, and that American’s like seeing other people in various stages of undress. I’m going to make a bold prediction based on Google numbers. There are a lot of people in America who like to look for porn. See how that works? Google said it so it must be true.
Summers also came up with this gem:
“More than $43 billion in immediate tax relief has reached households and businesses. Another $64 billion has been channeled into the economy through aid to state and local governments, expansions in social programs, and spending on education, housing, and transportation projects. In addition to the amount that has already been paid out, another $120 billion in spending has been obligated by the federal government and is on track to begin working its way into the economy.”
Now I thought that a successful stimulus package would improve the unemployment rate in the country. That was how this plan was sold to the public. I distinctly remember the argument that “People are losing their jobs and they need to be working. That work will stimulate the economy. We need this package to increase spending so that employment will improve.” That was how it was sold.
Now compare that argument with what Summers just cited as success. “Aid to state and local government, expansions in social programs, and spending on education, housing, and transportation projects.” Expanding social programs are signs of a successful economy? Are you kidding me? Somehow I find it hard to believe that expansions in food stamps, medicaid, unemployment, and countless other social programs show success in the economy. It doesn’t make much sense to me.
Larry Sanders Stimulus Package
I don’t understand Larry Summers at all. According to Summers stimulus success is proven because ‘Economic Depression’ Google searches down numbers show that the stimulus is working. If I ran Google I’d be pretty nervous, the Government may want to nationalize the company and turn it into the Administration’s version of an online Pravda. They’ve already converted ABC News to their very own broadcast propaganda wing. Is anyone else worried that one of the chief economic advisers to the President is using search terms from Google to tout the success of one of his programs?s


July 18th, 2009 at 3:27 pm
Larry Summers said: “but let me be absolutely clear: there is no financial institution that would be reporting the kind of positive results that we have seen in the last quarter, but for extraordinary public support provided by the government.”
It appears the banks made EXTRAORDINARY TRADING PROFITS by trading up the market with TARP backing during the extraordinary 40% run-up since March. Seems to be a ponzi style, market-manipulation/collusion using government funds, through the bankers’ trading desks.
July 18th, 2009 at 8:15 pm
What a bunch of morons led by the biggest moron in US history to believe that economic recovery will come by spending taxpayer money on increasing the size of a produce nothing government rather than encouraging people to spend and industry to grow through tax reduction. Small wonder southern white people rather than latino women owned all the cotton fields.
July 18th, 2009 at 11:50 pm
Hey Larry Summers, try googling this: “cost of ammunition 1999 to 2009″ for an indicator too!
Tim, the positive financial reports coming from banks are a DIRECT result of the White House twisting the arm of the Financial Accounting Standards Board to reclassify junk investments as having value that no reasonable person would pay. The government thinks we’re all stupid and too spineless to take matters into our own hands.
The economy is a friggin house of cards, levitated by Obama the magician and Summers (the same guy who got forced from Harvard’s presidency for saying that females couldn’t do math/science very well). Let’s promote that clueless guy to man the levers behind the curtain of Oz, shall we. Seriously, I know Summers is brilliant and truly means well, but no ivory tower egghead in Washington truly understands how deep the pain is, and how angry the common unemployed man with a wife and 3 kids whose house is being foreclosed. This country is a powder keg, at least in the Southeast and deep south. The common man understands that to fix the problem, the trial lawyers, insurance companies, bankers, hospitals, and physicians need to be brought under control immediately (through salary caps or 75% tax rates for incomes over $200K) — for they have collectively drained this country dry. Solve this problem and you will have solved the employment, housing, healthcare, insurance, and financial market problems we face. Otherwise, I don’t see how this whole country isn’t heading into a civil war soon.
July 19th, 2009 at 12:47 am
Guess what people did after that bit of idiocy made the news. Here’s the Google Trends hockey stick chart for searches for “economic depression” for the last 30 days:
http://www.google.com/trends?q=economic+depression&ctab=0&geo=all&date=mtd&sort=0
Oh Noes! By his own logic, Summers has just caused the Second Great Depression!
July 19th, 2009 at 12:54 am
this is such bullshit
July 19th, 2009 at 1:22 pm
WHO THE F**K IS THIS GUY!!!!!!!!!! THIS IS WHAT WE’VE GOT RUNNING THIS ECONOMY!!!!!!!! TIME TO START PRAYING WE STILL HAVE AN ECONOMY LEFT AFTER BARACK AND HIS S**THEADS ARE SHOWN THE DOOR–CONGRESSIONALLY IN 2010; PRESIDENTIALLY IN 2012!!!!!!!!!!
July 20th, 2009 at 4:50 am
When they say JOBS IN ENERGY, they’re talking about hiring a bunch of ACORNers to come into your homes to inspect the furnace, water heater, light bulbs, etc., to make sure you come up to speed and meet the new upcoming FEDERAL (Fascist?) DICTATES as far as “energy” use…
SOME JOBS!! Oh, and by the way, if that ENERGY- BILL cr*p passes, those above inspections will be mandated and the results will DICTATE that you must UPGRADE your home’s furnace, water heater, etc. etc. etc., before you will be allowed to put your house on the market for sale! Isn’t that lovely for the millions of Americans who are about to be FORECLOSED ON or who find themselves UNDER WATER with their house valuations plummeting, and who find themselves LAID OFF… HOW are they supposed to cough up $$$$ to pay for all these upgrades before they’ll be allowed to PUT THEIR HOUSE ON THE MARKET AND HOPE THEY CAN SELL IT IN THIS DEPRESSED ECONOMY???
THIS ADMINISTRATION IS DRIVING THIS COUNTRY INTO THE GROUND, DEEPER & DEEPER BY THE DAY.
If you are unhappy about it all, contact your legislators TODAY and insist on an END to this crazy, breakneck schedule of shoving INSANE legislation through that’s not been thought out or even READ. America may not survive if this insanity continues!
July 20th, 2009 at 10:47 am
Dear Larry Summers,
I respectifully disagree with you supposition. The stimulus was nothing more that a waste of MY money and a supreme power grab by Washington.
Stop The Bleeding!!!
July 20th, 2009 at 10:56 am
Time to fight for term limits and pay cuts on all Senate and Congress positions. America get’s the government they deserve. Nothing will get better unless you get involved.
July 20th, 2009 at 10:59 am
SUCCESSION!We did it once….