Tuesday, February 18, 2014
Obama's Stimulus: The promise vs. The Reality
Bud Norman reviews:
There was a warm rush of nostalgia, however, as we recalled the giddy optimism that attended President Barack Obama’s lavishly ceremonial signing of the law. We were told that the law would cost a mere $800 billion, already a insignificant sum by Washington standards, and yet keep the unemployment rate from topping 8 percent and bring it down to 5 percent by 2013 with “shovel-ready jobs” while lifting two million Americans out of poverty and saving the world from global warming by creating a new “green energy” industry. Since then the cost has grown to $2 trillion, the unemployment rate hit 10.1 percent and stayed above 8 percent for four years before enough people finally gave up looking for a job to push it down to the current 6.6 percent, the poverty rate has risen to a 50 year high, the president has joked that the shovel-ready jobs were “not as shovel-ready as we expected,” and the “green jobs” that survived the bankruptcies of the subsidized companies turned out to cost about $5 million apiece. This winter’s wicked weather suggests some success in combating global warming, but otherwise an objective observer might reasonably conclude that all the optimism seems have been unfounded.
One wonders, were they lies all along or is this the result of incompetence? Even into the second term of the Worst President Ever, we really don't know.