Category Archives: Political Commentary

The “Stimulus”

How it failed.

[Monday morning update]

How Big Government screwed up the Big Spend:

Biden said the stimulus would “literally drop kick us out of the recession.” But Grabell concludes that “the stimulus ultimately failed to do what America expected it to do — bring about a strong, sustainable recovery. The drop kick was shanked.”

And that’s about what you might expect from a White House run by brilliant theoreticians with no one around to do a reality check. Let’s contrast Team Obama with Team Reagan. The Gipper’s cabinet had Donald Regan, former CEO of Merrill Lynch; George Schultz, former president of engineering firm Bechtel; Caspar Weinberger, also of Bechtel; Malcolm Baldridge, CEO of manufacturer Scovill. And, of course, there was Reagan himself, the former two-term governor of America’s most populous state.

It’s depressing.

[Bumped]

The Groundhog State Of The Union Address

Five things we don’t want to hear any more:

What is it about debt that Mr. Obama does not get? Please spare us any new programs or initiatives. We owe now $16 trillion. America is borrowing at the rate of $3 billion-plus a day. So please, Mr. President, no more Solyndras. We did not want or need Cash for Clunkers. There is no money for more expansions of food stamps. Nothing is left for student loan reprieves, high-speed rail, or anything else. To propose any new expenditure would first require some honest disclosure, like the following: “I wish to borrow $10 billion at 3% interest to lower student loan debt and I propose to pay for it by selling off 1000 new oil leases.”

The problem with these Obama initiatives is not just that we do not have the money and must borrow to pay for them, but that we feel most of them only make things worse, whether by subsidizing another mortgage for someone who is by market standards not likely to meet the loan payments and would be better off renting, or by paying some insider crony to make and sell solar panels at a loss. Again, chill on the new programs, and just start paying off what you already borrowed. Outside government, psychiatrists often treat with mind-altering medicines the unstable who compulsively charge things that they cannot pay for and do not need.

That’s just one of them.