Late last year President Elect Obama implored the Congress to have a stimulus bill ready for his inauguration. The incoming Obama administration sold America that it was necessary for the creation or saving of jobs. The Congress went to work immediately and drafted a bill. The final bill went to the Presidents desk where it sat over a long weekend. On 17 FEB 09, the $787 billion American Recovery and Reinvestment Act went into effect.
We were told at the time that the money was necessary to keep unemployment under 8%. Obama sold the wasteful spending as being an investment in "shovel ready" projects and would result in 3.5 million jobs being saved or created. We were told that Americans needed an extension on unemployment benefits. We were told that the banks required a bailout because they were to big to fail. We were told the auto industry required a bailout to save the industry and jobs. We were told it was all about "Jobs, Jobs, Jobs,". The bill of goods we were sold failed to produce anything more than anecdotal evidence of any jobs being saved or created. The truth is we have no idea what the net gain is for the hundreds of billions spent in the name of creating or saving jobs. Again the real question should be how many jobs did this stimulus destroy?
Now the Congress is busy creating another bill intended to create jobs. The liberal left is happily signing on to trickle up economics. Their delusional belief that laundering money through public means will stimulate the economy. Julianne Malveaux and Paul Krug need to explain just how their delusional plans work. Obama needs to explain why we should go even further in debt to create jobs when that was already supposed to have been done. The stimulus failure hasn't lived up to its billing. Now democrats believe taking even more money out of the private economy and running it through the bureaucratic laundering machine will create jobs that the private can't produce now. Please someone explain this logic. The last time we did something as absurd as this America had to enter into the second world war.
Liberals are hailing the Works Progress Administration as a success that pulled us from the Great Depression. The truth is that once we started the WPA we could not get out of spending on the program. Every time Roosevelt attempted to bring down deficits and take public dollars away from programs like the WPA the economy faltered. The great depression caused the second world war. Out of the second world war emerged the western economies. The liberal policies were a failure 80 years ago and they are a failure today.
What America truly requires is an investment in America. Cut taxes on businesses and cut spending by the government. Stop attempting to take over health care. Stop the cap and trade global warming hoax. We need to reduce spending not increase spending. As I said before deficit spending can provide a shot in the arm. However, the Liberal left is proposing perpetual deficit spending that that will cause America to crumble beneath liberal debt. More wasteful spending is not the answer. The liberals had a chance and squandered the opportunity. What makes anyone believe the liberal will do any better this time around? We are already rewarding people by extending unemployment benefits to almost two years. What benefit is there to search for work if the government keeps giving money away. Stop the redistribution of wealth and start making a difference. Cut spending and cut taxes and the economy will grow by leaps and bounds.