“This is just the gang that couldn’t shoot straight,” remarked Americans for Limited Government (ALG) President Bill Wilson of the White House’s latest plan to spend another $50 billion in fiscal “stimulus” for so-called infrastructure projects.
Almost two years into the Barack Obama’s term of office, Americans are increasingly skeptical about the effectiveness of Keynesian deficit-spending as a means of boosting the flailing U.S. economy. In a recent poll by Rasmussen Reports, 56 percent of likely voters believe that additional government spending will hurt the economy.
It’s little wonder. In the last month, unemployment rose to 9.6 percent, while growth has slowed to 1.6 percent in the second quarter. The people remember that the Obama Administration promised more than 3 percent growth and that unemployment would not rise above 8 percent.
After over $1 trillion in spending and another $2 trillion expansion of the monetary base by the Federal Reserve, nobody can argue that the “stimulus” efforts have not been robust. Unfortunately, more of this failed prescription is all the Obama team has to offer.
In a speech in Ohio on Wednesday, Barack Obama laid out his plans for more of the same. “We want to put more Americans back to work rebuilding America — our roads, railways, and runways,” he said. Really, it’s just more spending, more debt, and more resources taken away from other productive sectors of the economy.
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