Not-So-Stimulating News

Romer: Admission of Failure?

A few days ago, the president’s chair of the Council of Economic Advisers, Christina Romer, said that the stimulus had leveled off, and that it would have no real impact next year.

She tried hard to paint this as a positive thing, but the admission was tantamount to acknowledging failure. The so-called stimulus, which was supposed to jumpstart the economy, has accomplished one thing primarily—it has jumpstarted the most massive debt in American history, while unemployment, which we were promised would not go above 8% if the stimulus bill were passed, is now close to 10%.

On top of this news is the whisper that Obama is considering a second stimulus package.

In fact, most of the money spent via the first stimulus went to pet projects and other boondoggles, not to actual job creation. Of course, government doesn’t create jobs anyway; the private sector does that.

Yet there are still people who have confidence in this administration’s economic policies.

Meanwhile, in the Congress, the specter of the so-called public option in healthcare has resurrected. [Have you noticed that I keep using the term “so-called”? That’s because the language being used to describe so many of these policies is in the form of Newspeak, and needs to be translated.] In the Senate, we can thank Majority Leader Harry Reid for this development.

At the time of this posting, it appears that he won’t be successful in convincing enough of his colleagues to go along with it, but that is not definite. Part of the problem is the fact that there is no real bill yet. When it does ultimately surface, it may resemble Frankenstein’s monster more than a rational policy.

I have to stop myself from ending most of my posts with the following: God help us.