This is somewhat old news, but since it took me a little while to get the citation for it, I figured I’d post it here for convenience. Reportedly from chapter 7 of Barack Obama’s book “Dreams of my Fathers”, he says (emphasis is mine):
“… I decided to find more conventional work for a year, to pay off my student loans and maybe even save a little bit. I would need the money later, I told myself. Organizers didn’t make any money; their poverty was proof of their integrity.
Eventually a consulting house to multinational corporations agreed to hire me as a research assistant. Like a spy behind enemy lines, I arrived every day at my mid-Manhattan office and sat at my computer terminal, checking the Reuters machine that blinked bright emerald messages from across the globe.”
Hmm. Perhaps that’s why much of what he does to “help” the economy has been proven in the past to hurt the economy. If he were to cut taxes and get out of the way, he’d see Americans fixing the problems he’s complaining about and promising to fix. But if he did that, he’d be helping the “enemy” right? It appears to me that we have an enemy of the private sector in the white house claiming to want to help his enemy and then providing anything but help. It all makes sense now.
A January 5th 2010 article from heritage.org explains that government spending has been shown over the past decades to be incapable of stimulating the economy. Unfortunately, we’ve had to endure repeated failed trials of this government spending theory instead of just using common sense that for every dollar you inject into the economy, you had to extract it from somewhere else or place the burden on future generations through borrowing. And usually, the government trying it only counts the dollars spent and the jobs “created” while ignoring the jobs lost and the dollars confiscated. Here’s an abstract of the article:
Abstract: Despite decades of repeated failure, President Obama and Congress continue to promote the myth that government can spend its way out of recession. Heritage Foundation economic policy expert Brian Riedl dispels the stimulus myth, lays out the evidence that government spending does not end recessions–and presents the evidence for what does end recessions. Hint: It’s not another “stimulus package.”
It’s kind of like pulling money out of the bottom of your piggy bank and then stuffing it back into the top and fooling yourself into believing that you just made a bunch of money. Why is this so hard for some people? Go read the article and enjoy some common sense.