I’LL SEE YOUR $9 TRILLION, AND RAISE YOU … • CBO’s ‘optimistic’ projection assumes federal spending is going to fall between now and 2012.
A TALE OF TWO GDPs • Summer 2008, GDP jumps 1.9 percent: “Disappointing.” Summer 2009, GDP shrinks 1 percent: “Glimmer of hope.”
CUTTING THE BUDGET, ØBAMA STYLE • This must be a joke: ‘In a savings shocker, the government discovers that paper has two sides’
IN OVER THEIR HEADS? • “… he spent three hours with committee aides brainstorming about how to pay for the trillion-dollar legislation. At one point, they flipped through the tax code, looking for ideas.”
GEITHNER-BERNANKE RIFT • Both want to control consumer protection. Why not leave it as is and appoint a czar instead?
STIMULUS BUST • ‘The problem with the first stimulus was more its composition than its size.’
Remember back in January and February how imperitive it was for Congress to pass the $787 billion economic stimulus package? President Obama constantly repeated his refrain that the U.S. had to move “swiftly and boldly” to get the economy back on track. He told us it would quickly create millions of jobs.
Now the White House is walking all of that back, claiming the “stimulus” was never actually intended to “stimulate” anything.
You can’t blame the president, really. The numbers show that, clearly, the stimulus hasn’t provided any kind of measurable boost to the economy thus far. The U.S. is still hemorrhaging jobs — the very thing the stimulus was supposed to provide, to the tune of 3 million or so, according to the presidet at the time.
The walk-back began last weekend, during the president’s weekly address. He said:
Now, I realize that when we passed this Recovery Act, there were those who felt that doing nothing was somehow an answer. Today, some of those same critics are already judging the effort a failure although they have yet to offer a plausible alternative. Others believed that the recovery plan should have been even larger, and are already calling for a second recovery plan.
But, as I made clear at the time it was passed, the Recovery Act was not designed to work in four months – it was designed to work over two years. We also knew that it would take some time for the money to get out the door, because we are committed to spending it in a way that is effective and transparent. Crucially, this is a plan that will also accelerate greatly throughout the summer and the fall. We must let it work the way it’s supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity.
It’s a lie to say that he “made clear at the time it was passed” that it would not work in four months. In fact, he repeatedly said it would create jobs “immediately,” as this ad from congressional Republicans illustrates:
Then, in off-camera interviews on Thursday (off-camera so they couldn’t be used in ads like the one above, maybe?), administration officials attempted to say the stimulus was only meant to soften the economic fall. As the president’s chief spinner, Robert Gibbs, said:
This legislation was designed to cushion the downturn. That’s why we have always talked about this as one function of economic recovery.
Please. When the president was pitching the bill, he said:
That is why I have moved quickly to work with my economic team and leaders of both parties on an American Recovery and Reinvestment Plan that will immediately jumpstart job creation and long-term growth.
What’s more, the White House continued to refer to it as a “stimulus” up until Thursday’s off-camera interviews.
Is it any wonder that Larry Summers uses Google trends to judge how well the stimulus is working?
The fact is, congressional Republicans were right. The stimulus bill had very little to do with stimulating the economy, and more to do with funding pet projects, expanding the size of government and rewarding Democratic contributors.
The question for everyone now is: Should we continue to believe the Obama administration and Democrats in Congress as they proceed to “reform” health care? The Congressional Budget Office — which typically underestimates the cost of new government programs — says the health care bill will end up increasing costs, not lowering them, as Obama says his “reform” will do.
Should we believe the administration when it says cap-and-trade will create jobs and “stimulate” the economy?
The answer is “no.”
The vice president famously said the adminsitration misread the economy. Not only did they misread the economy, they prescribed a solution that did nothing but help create the largest U.S. deficit in history.
We shouldn’t have any confidence in their health care promises. President Obama and his administration have shown they don’t know what they’re talking about or what they’re doing.
After the health care plan doesn’t work, will the president tell us it was never meant to “reform” health care?
GET THOSE KIDS SOME REDBULL • White House staffers are tired. Poor things. Putting in those long hours creating all those jobs … oh, wait.
$1 MILLION PER FAMILY OF FOUR • Talk about having skin in the game. National debt hits $250,000 per American (hey, let’s pile on national health care!).
‘I SLOWED DOWN IN THE SCHOOL ZONE, CREATING OR SAVING THREE CHILDREN’ • Also, ‘Deciding against serial killing, I created or saved upwards of 33 people.’