Thursday, May 28, 2009

Stimulus bucks? Tar Heels get hosed

Want to get mad? Here's a good one for you:

A USA Today analysis of where stimulus money has gone so far, compared to unemployment rates, shows North Carolina (jobless rate 10.8 percent, among the nation's highest), is getting way below its per capita share of stimulus money. Here's a link to the article.

Here's the telling paragraph: " ... the first contracts [for spending stimulus money] have amounted to only about $7.42 per person on average in the eight states with unemployment rates higher than 10% last month. By comparison, government records show it has awarded about $26 worth of contracts per person in North Dakota, whose unemployment rate is the nation's lowest."

The nationwide average is $13 per person, the story says. In North Carolina, the figure was only $1.56 per capita.

No wonder we're laying off teachers and gutting our colleges and universities. You'd think President Obama would be a tad more grateful for his much-touted victory here last November.

Even South Carolina, where Gov. Mark Sanford is trying his best to stop incoming stimulus money despite its 11.5 percent jobless rate, got $81.34 per capita. Sanford must not be trying hard enough.

62 comments:

Anonymous said...

On the other hand, NC banks, especially BOA, got the lion's share of TARP payments.

And if the nation's second largest financial center's business leaders had responsibly reigned in the mortgage, lending and investing practicies that caused this recession, there wouldn't be a need for TARP or stimulus payments, and so many Americans wouldn't have got "hosed".

North Dakota? I don't think they have many mortgage, lending or investing culprits there. If they do, they're not the ones getting $200,000 - $2 million bonuses for incompetency.

Anonymous said...

I agree with everything Anon 12:01 said; apart from that, comparing ND to NC is an apples-to-oranges comparison; it's a far less populated state.

Anonymous said...

Come on. Are you saying that AIG, Lehman Bros, WaMu, Citi, Fannie, Freddie and all the rest would have been fine if Wachovia and BOA did not need help. Charlotte caused the recession? Give me a break.

Anonymous said...

"Hosed" is a great defining word for this travesty. Yes blame Obama, but also blame Elizabeth Dole and the other dumbnut Senator. You could see this coming a year off. Recall how we yelled and screamed at our political hacks in DC. This signed off on this and were too cowardly to stand up for North Carolinians. And, next time they're going to continue to run on silly side issues like "VALUES" and "RACE" and "HATE". And, we're all going to continue to suffer for it because we elect them and we rightly get what we deserve.

Anonymous said...

No surprise that we got "stimulated" by this administration.

BTW, whoever complained about NC Banks getting TARP funds clearly knows or does business with anyone that works in the banking industry. Imagine what would have happened if both of our banks here failed!

Anonymous said...

Enough on the TARP "payments". I suppose you think the bank gives you money with no strings attached when you get a mortgage or auto loan. You can complain if these "loans" don't get repaid. Please educate yourself before commenting.

Anonymous said...

It looks like we're getting little taste of how unfair the redistribution of wealth can be. Nobody ever said it would be fair!

If you think this is the last time you'll be upset after this administration spends your money....think again. Health Care reform is next, then Cap & Trade, and then something else.

My suggestion is to let your elected leaders know how you feel and remember this when you vote!

Jeremy M. said...

TARP payments? Really? You are talking about money that went to help out 1 sector of business in 1 city in 1 county out of 100 counties in NC. You do the math... if you're capable. The ignorance of some people who comment on this site is truly amazing.

Anonymous said...

For those complaining about socialism and the redistribution of wealth, lets not forget what got us in this mess...capitalism. Capitalism can be great for some, but it always leads to rampant greed. Private businesses are fine, but any company where the public holds a stake should have pay caps...period.

The main reason we (NC) haven't gotten as much money as other states is because our congressmen/women and senators didn't put enough pork into the bill.

Anonymous said...

South Carolina got a large percentage because of nuclear waste clean up at Savannah River Plant. But what is really sad about this is we are clamoring to get our fair share of money we paid (or will pay) into the system. So far about 4B has been distributed to create or "save" 150,000 jobs. That's about $27K each job. A family making the median income in the US ($40K) will pay about $5K in taxes meaning that five to ten people are working only to create or "save" one job in stimulus. It is very likely that the stimulus is doing very little to create or "save" jobs and will likely over the next few years only impact the number of federal and state employee numbers. By offsetting reduced state spending with federal dollars. Of course increasing the number of people we will owe taxpayer backed pensions to, so even more unfunded debt obligations.

Anonymous said...

North Carolina always gets hosed. We're a donor state, even with all the federal money that goes to Ft. Bragg. Same with Charlotte-we send far more money to Raleigh than we get back. Same with blus states and counties in general-they're donors. But red states, usually recipients of federal largesse, whine and moan about socialism and other non-sequiturs and untruths.

Anonymous said...

NC has once again been let down by our congressional delegation and governor. This ain't Mayberry but the rest of the country thinks so.

Anonymous said...

"Peace and prosperity are inversely proportional to the level of taxation" John Pugsley

Anonymous said...

North Dakota is home to Byron Dorgan, chairman of the Senate Appropriations Committee.

BTW, there is no stimulus "money" - aren't you paying attention to the interest rate market for the last week?

Anonymous said...

Stop doing straight party votes and you wouldn't have people in office like the morons we have now. The people who keep bringing up TARP money...get over it. Most of the banks want to pay it back and the government will not let them...again, more of the morons in our government that people voted for.

Anonymous said...

"Jeremy M. said...

TARP payments? Really? You are talking about money that went to help out 1 sector of business in 1 city in 1 county out of 100 counties in NC. You do the math... if you're capable. The ignorance of some people who comment on this site is truly amazing."

Wait, TARP money only helped banks in Mecklemburg County? How are businesses supposed to access debt to grow and make money if banks are gone? You sir are an idiot.

Anonymous said...

All this whining about NC not getting its "fair share" of stimulus money is rich. It's not too different from a thief whining that his fellow thieves ripped him off of his "fair share" of stolen loot. Stimulus money is ill-gotten money, stolen from our children and grandchildren in order to make up for the incompetence, greed, and dishonesty of our elected leaders.

Lest you forget, there is no honor among thieves. Or politicians. Or most newspaper writers.

Anonymous said...

It's punishment for UNC-CH's fallen son and national embarrassment John Edwards.

Britt said...

Hey Anonymous 12:01,

The last time I checked, Bank of America was a NY based bank...

Jeremy M. said...

I love it when someone calls me an idiot and doesn't even know how to spell the county they live in. And yes, I realize that there are banks in other counties (all of them I would venture to guess). I would further explain, but I think anyone capable of properly spelling MECKLENBURG got it the first time.

Anonymous said...

Maybe SC is getting all this money because democrats in Washington are trying to buy votes for the next election? They figure that they have NC in their pocket now and no need to "help".

Anonymous said...

"those first contracts went to projects that began years ago or to companies that have long track records of doing government work" - Blackwater doesn't deserve any more contracts. Are the authors trying to stir something up? President Obama did not decide which states get the money so who are they 'angry' with for getting 'hosed'? They didn't quite say but clearly they intend to upset people and hope that their anger is directected (unfairly) at the Obama administration. Hold on to your anger and see what the tally is when all of the money is finally spent. Then you can gripe about 'your fair share'.

Dustin said...

Britt, wherever you checked must have been wrong. Bank of America is most certainly based in Charlotte.

J said...

Be careful what you ask for, because you just might get it. Remember that 8 months ago, everyone was complaining that all Republicans were greedy leeches that only wanted to enrich themselves and that George Bush was retarded. So Barack Obama campaigned that he (and all Democrats) were concerned only about the common man, and he did not hide that he planned to raise taxes on the evil wealthy people and would greatly expand government. You voted for that option, and now you have it - Washington is controlled by Democrats, who are every bit as ignorant as Republicans, and they are proving it by pumping stimulus package money to areas that need it the least. But this is better than evil, greedy capitalism, right??????

Anonymous said...

12:00:

Absolutely right. This year's $2 trillion deficit equates to $27,000 for every household in the country.

MARY, DO YOU HAVE $27,000 TO PAY FOR NORTH CAROLINA'S "FAIR SHARE" OF TEH STIMULUS?

Anonymous said...

The bailout what a joke!!!! When are people going to learn that deficit spending is a ponzi scheme. My guess is when we have hyperinflation in about a year or so.

Anonymous said...

Mary, thank you for the link to the article. I'm sure you are brighter than you let on with this article.

The analysis is a bit premature and they stated clearly in the first paragraph that this only covers the "first" contracts which were largely already existing. While most states are clamouring for stimulus dollars and can't spend the money fast enough we should keep in mind that this is just the tip of the iceberg and it is intended to revive the NATIONAL economy not individual state economies. The unemployed receive employment insurance money, not stimulus money. Also, the state employment laws (and lack of unions) directly correlate to the unemployment rate so if you want to blame someone why not direct your anger at your state lawmakers?

Anonymous said...

Anon said..."For those complaining about socialism and the redistribution of wealth, lets not forget what got us in this mess...capitalism."

Yes, that's why Cuba, Venezuela, North Korea are the world economic powers. LOL. How about California which is the model for the progressives? They must be doing really well since they share the wealth in form of high taxes, have state healthcare, passed cap-and-trade and pay royal pensions to all those union members. It must be drawning in money, right?

Anonymous said...

"Yes, that's why Cuba, Venezuela, North Korea are the world economic powers."

No but China is...

Anonymous said...

ENOUGH IS ENOUGH LOWER ALL TAXES........

Rick said...

a previous poster said...

Also, the state employment laws (and lack of unions) directly correlate to the unemployment rate so if you want to blame someone why not direct your anger at your state lawmakers?Ummm, no. There is no correlation.

Look at the attached and compare it to the map in Mary's link. There are examples all over the board.

State Unionization RatesMichigan and California have much higher unionization rates than NC, but they also have higher unemployment.

Louisianna and Texas have similar unionization rates to NC and much lower unemployment.

Alaska and Hawaii have sky high unionization rates but their unemployment isn't exceptionally low.

Ohio has 2.2m more people, 1.25m more workers, and 4-times the unionization rate as NC, but only slightly less unemployment.

South Carolina has higher unemplyment and higher unionization.

There's no correlation.

Unions should be seen as nothing more than a necessary evil.

They are necessary (in a sense) to help keep runaway abuses such as child labor in check, but they are evil in that they hurt as many as they help and they are a source of political corruption.

Anonymous said...

Union another term for THUG...

chupacabra said...

I live in Charlotte. I'm used to getting far less in government money for everything per capita so this feels quite natural to me.

Anonymous said...

I feel as if I got out of NC just in time. Right after I leave, the state goes "blue" and then the crying begins. All because the newly electeds fail to give enough goodies back to satisfy. You were sold on hope...I hope it works out for you. Oh and you can blame the government, not capitalism, for the current economic mess. Requiring banks to loan money to people who could not repay it was not the fault of capitalism.

Anonymous said...

Isn't John Edwards a proud graduate of UNC-R?

Anonymous said...

Wait, Obama should give NC more money out of gratefulness? Brilliant. Imagine a government run solely on gratefulness, cronyism, and IOUs. Oh shoot, Bush's term limits are already up now, aren't they?

Anonymous said...

WOW I'M SHOCKED. I ALWAYS BELIEVED OBAMA WAS GOING TO PAY MY MORTGAGE AND MY GAS.

Anonymous said...

Government is the problem not the solution.

Anonymous said...

Hosed? At least your governor took them. We'll trade you straight up and tie a $10 bill around Sanford's neck.

King George said...

NC is still paying the price for electing a blatant racist, Jesse Helms, for so many years. Even if he had a good idea once in a while, his racist views reflected on all North Carolinians.

Jay Heikes said...

The USA Today story is spinning to infromation without the facts from what it sounds like. Here is link to the money recieved by each state: http://www.recovery.gov/?q=content/state-recovery-page
north Carolina's page is here:
http://www.ncrecovery.gov/RecoveryPlan/NCImpact.aspx

Anonymous said...

According to King George...NC is still paying the price for electing a blatant racist, Jesse Helms, for so many years. Even if he had a good idea once in a while, his racist views reflected on all North Carolinians.

5/28/2009 04:38:00 PM

So Obama is punishing NC for being racist even though the state voted for him? I pity those poor people in GA!

Anonymous said...

I TELL YOU WHO IS GETTING HOSED IS THE AMERICAN TAXPAYER. HOW THE HECK ARE WE GOING TO PAY ALL THIS MONEY BACK????????

corporatebully said...

RBC Bank President Gordon Nixon - Salary $11.73 Million


$100,000 - MISTAKE (FISHERMEN'S LOAN)


I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.


There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca

http://www.pfraser.blogspot.com

http://www.corporatebully.ca

http://www.youtube.com/CORPORATEBULLY

http://www.p2pnet.net/story/17877

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

Anonymous said...

yea...where do you think Bev Perdue was while they were dividing the money up....yes that is right...on vacation. She said she could work from her "preplaned" vacation and now you see what we get!!!

Anonymous said...

Anyone who voted for Obama, Perdue, or any of the other sorry democrats representing the state of Mecklenburg.....just shut up. You are getting exactly what you asked for.

Next time vote for a candidate because they are qualified or they have your best interest at heart and not because you are a lazy straight ticket voter.

Anonymous said...

The Jacksonville Country Club is getting close to half a million dollars to restore a stream that runs through their property. This is a private country club. I wonder who in state government is a member. Check it out on NCOpenBook.

Anonymous said...

The problem was the stimulus money was distributed to the states. It should have been given to the cities - where people actually live, and in proportion to population. Instead every hickville in the state is trying to build some pork road.

consultant said...

Don't most people in North Carolina HATE getting money from the government?

Or is that giving money to the government?

I get confused.

Bill Anderson said...

Every state in the union should refuse ANY and ALL stimulus dollars.

Mary said...

I think it's OK because the projects are ready to go and they are good for the future of the country.

Anonymous said...

Mary @ 8:03,

Please scan and post the $27,000 check you are sending the government as your household's portion of the deficit. Then scan and post the $22,000 check you are sending as your household's portion of the rest of the budget. Then scan and post the $135,000 check you are sending as your household's portion of the national debt.

Must be nice to have $180,000 just lying around, Mary.

Anonymous said...

We are SCREWED!

Jumper said...

North Carolina needs something like this solar-powered bullet train.
http://www.gizmag.com/solar-powered-bullet-train/11785/

Anonymous said...

Finally Jumper offers insight.

Anonymous said...

Jumper,

You gonna pay for it, big boy?

Didn't think so.

Anonymous said...

Why would Jumper want to pay for something he wants? He or She and many others on this blog seem entitled to other people's hard earn money.

Anonymous said...

TAXATION IS SLAVERY!

Anonymous said...

Increasingly, one of the problems we have in America is the idea that government serves as a vehicle to enrich ourselves at the expense of "others". That is the long slippery slope called SOCIALISM.. We need to return to a more responsible ideal of smaller government, individual rights and responsibility and not take from one to give to another.

Anonymous said...

Anon 12:24 Excellent point.

Anonymous said...

I am still wondering how the fed government, BO, can tell the bankruptcy court how to devide up the GM mess and how the government would end up owning GM. I thought the stockholders would be at the bottom of the list and the investors who had loans or bonds on the property of the company would be first in line. NOT a labor union!!! We are seeing the fascist takeover of the USA. Perhaps we are being given to the Muslims, but I do not think they can beat China in a war. When we all become SLAVES, it will not matter which state or who got any money. IT WILL NOT BE ENOUGH TO SET US FREE!!! WAKE UP, AMERICAN. It is almost too late!!

Anonymous said...

Did Time Geithner negotiate the Humer deal with a chinese company?