According to the White House on October 30, the $787-billion stimulus plan has created or saved about one million jobs, but that number is conveniently unverifiable. There is simply no way to know with certainty how many workers would have lost their jobs without the stimulus. And of course, the admininstration-supplied estimate does not even take into account how many jobs may have been lost because of the stimulus program, ignoring the fact that the "stimulus" money that was used to create jobs in certain government-favored sectors of the economy had to be siphoned out of the economy as a whole, destroying jobs elsewhere.
Less than a week after Federal Reserve Chairman Ben Bernanke urged Congress to act with dispatch to pass new legislation giving the Fed and the Federal Government more surveillance powers and control over the financial sector, the Obama administration has unveiled a bill that, if passed, would put most of Bernanke’s proposals into effect.
The G-20 Pittsburgh summit is over, and the Steel City is returning to normal. For the rest of the world, however, the latest gathering of leaders of the world’s 20 strongest economic powers is likely to mark a turning point towards more comprehensive international regulation and control over finance and banking.