(From President Obama’s speech February 9, 2009)
“That is why the single most important part of this Economic Recovery and Reinvestment Plan is the fact that it will save or create up to 4 million jobs.”
Not exactly. It won’t create private sector jobs, nor will it save them. What it will do is create a government monstrosity that stifles private sector economic development for many years while hanging a debt weight (pun intended) around our nation’s neck.
“It is only government that can break the vicious cycle where lost jobs lead to people spending less money which leads to even more layoffs.”
That’s only fair since it is only government that created the problem in the first place! When the Fed lowered interest rates to record low levels and kept them there for two years; when Congress repeatedly resisted efforts to rein in Fannie Mae and Freddie Mac; when a Republican administration threw away some 3/4 of a Trillion dollars on a hope and a prayer; yes only government could have created such an enormous problem in the first place.
This nation has a severe economic crisis but it has not yet reached the levels of the mid 1970’s or the early 1980’s. Yet our institutional leaders seem to be in a panic and are running helter skelter throwing billions and trillions of dollars at the situation on the hope that something, anything works. Meanwhile our political leaders are knowingly using this crisis as a smokescreen to subvert our economic system and create a Euro-socialized system. Note Rahm Emanuels policy statement to not let a crisis be wasted. So we end up with a “stimulus package” of outdated, unneeded, wasteful social spending that the President wants passed and fast so the public doesn’t have time to understand what is being done. It is a disgraceful and dishonest process that we, our children and grandchildren will rue for many years.