Stimulus Sham
“Harvard economist Robert Barro calls the [stimulus] legislation “probably the worst bill that has been put forward since the 1930s.””
“In February, President Barack Obama signed a $787 billion stimulus bill while making lavish promises about the results. He pledged that “a new wave of innovation, activity and construction will be unleashed all across America.” He also said the stimulus would “save or create up to four million jobs.” Vice President Joe Biden said the massive federal spending plan would “drop-kick” the economy out of the recession.
But the unemployment rate today is 9.5% — nearly 20% higher than the Obama White House said it would be with the stimulus in place. Keith Hennessey, who worked at the Bush White House on economic policy, has noted that unemployment is now higher than the administration said it would be if nothing was done to revive the economy. There are 2.6 million fewer Americans working than Mr. Obama promised.
…Mr. Obama outsourced writing the stimulus to House appropriators who stuffed it with every bad spending idea they weren’t previously able to push through Congress. Little of it aimed to quickly revive the economy. More stimulus money will be spent in fiscal years 2011 through 2019 than will be spent this fiscal year, which ends in September.
…The stimulus package is a clear example of how Mr. Obama operates. …tactics of bait-and-switch. …His promised savings are a mirage. His proposals to reshape the economy are alarming. And his unwillingness to be forthright with his numbers reveals that he knows his plans would terrify many Americans.”
Now the numbers are showing that the stimulus was a sham. Those of us doing our homework and reading the bills being passed by Congress know that the Obama stimulus was a sham. So far we have gotten a $787 billion “stimulus” bill riddled with earmarks. Now a few weeks later, he signs a $410 billion bill riddled with earmarks. This bill has over 9,000 earmarks. Added to all this is Obama’s ridiculous budget. This is not a leader, but an ideologue. A great leader alters his plans based on the circumstances he finds himself him. He adapts. Obama has his blinders on. All these Hope and Changers are going to be sadly mistaken when the economy tanks because of this man’s ideology which wants to turn this country Socialist. When the bread lines start forming, what will Obama do? He will celebrate because he thinks he can do a Hugo Chavez and recind the US Constitution in the chaos that ensues. This is such a joke! Obama said:
“My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. As you can imagine, this is a process that will take some time, but we have already identified $2 trillion in savings over the next decade.”
He hasn’t gone line by line over the stimulus or this omnibus bill. Do you really think he is going over the budget line by line when he can’t even read over his own bills? Obama is a liar flat out. Whatever he says, the opposite is the truth. The $787 billion bill will have a negative effect on our GDP until 2019 according to the CBO. By the way a negative GDP means the economy is in a recession. The economy will have to more than recover in order to overcome the waste and reckless spending of this so called stimulus bill and this reckless administration.
The left keeps saying well the Republicans and George W Bush were reckless spenders. Well being a fiscal conservative I agree. Obama’s spending dwarfs any spending that has been done in the past 8 years. Obama’s budget will spend more in the next five years than has been spent since George Washington up to George W Bush.
“The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents — from George Washington to George W. Bush — combined.” – WSJ
Not even Team Obama can forestall unpleasant reality. And among those America now faces is Mr. Obama adding $3.2 trillion to the national debt in his first 20 months and 11 days in office, eclipsing the $2.9 trillion added during the Bush presidency’s entire eight years.
Another reality is that Mr. Obama’s fiscal house is built on gimmicks. For example, it assumes the cost of the surge in Iraq will extend for a decade. This brazenly dishonest trick was done to create phony savings down the line.
Mr. Obama’s budget downplays some programs’ true cost. For example, his vaunted new college access program is funded for five years and then disappears (on paper); the children’s health insurance program drops (on paper) from $12.4 billion in 2013 to $700 million the next year. Neither will happen; the costs of both will be much higher and so will the deficits.
Mr. Obama’s budget also assumes the economy declines 41% less this year and grows 52% more next year and 38% more the year after than is estimated by the Blue Chip consensus (a collection of estimates by leading economists traditionally used by federal budget crunchers). If Mr. Obama used the consensus forecasts for growth rather than his own rosy scenarios, his budget would be $758 billion more in the red over the next five years.
Then there’s discretionary domestic spending, which grows over the next two years by $238 billion, the fastest increase ever recorded. Mr. Obama pledges it will then be cut in real terms for the next nine years. That’s simply not credible.
Then there’s his omnibus spending bill to fund the government for the next six months, laden with 8,500 earmarks and tens of billions in additional spending above the current budget. What happened to pledges for earmark reform and making “meaningful cuts?” – Read the full article
I ask all of the Obama supporters, is this the CHANGE you voted for? Experts are saying inflation is going to hit hard and the dollar will be worth very little in the next few years because of all this reckless spending. Obama can keep on lying, but the principles of economics are still in effect, and he can’t stop the inflation that is about to hit.
