With only 10% of the stimulus spent, the economy is showing across the board signs of a rebound which essentially tells us that the stimulus package was an enormous waste of money. I guess Americans forgot that recessions are a normal phenomena in all economies with the exception of socialist states where they define the economy and an extra drumstick after a four hour wait on the soup line is considered a boom.
Even Bush, who most Americans are now wishing was still President, bought the lie the media and Obama was feeding the public to sell a campaign. Funny how the war on Iraq hasn’t really been talked about since September ’08.
Now here’s the rub- that $787 billion we’re deciding to throw away – well, we really don’t have that money and a great deal of it is already allocated to a bunch of junk. A while ago I wrote about how the New Deal had absolutely no impact on the Great Depression – an objective, demonstrable fact – this new experiment in socialism will clearly show how leftist economic theory can kill a recovery.
Obama is correct in cautioning the public about the recovery and lowering expectations in the face of all the good news because his stimulus has not yet had a chance to fly, crash and burn. Obama is wrong when he takes credit for the economic recovery - economies do this naturally and it would have probably happened sooner and stronger if he hadn't taken over every industry in the US.
By the way, was I the only person who thought Larry Summers giving the stimulus credit for the rebound while, in the same breath, explaining that unemployment was still high because the stimulus money hadn’t really been spent sort of funny? It was on last Sunday on Meet the Press.
Print | posted on Friday, August 07, 2009 7:03 PM
