The oft quoted modern definition of insanity is doing the same thing over and over again and expecting different results. So what are we to think of our “geniuses” in the Congress and the Obama administration who are seriously talking about another economic “stimulus” because the first one clearly isn’t working? What to do?… why, more of the same, of course!
For those with short attention spans, please remember that the first package was pitched as the absolutely-must-pass-now-no-time-to-actually-read-the-bill way to prevent unemployment from “exploding” to more than 8%! So it was passed in such a hurry that no member of Congress could possibly have read the bill prior to voting on it… and our Illustrious Leader then proceeded to wait 4 full days to sign the “emergency” bill!
But wait, unemployment has now not only surpassed 8%…but has passed 9.5% and is likely headed to somewhere north of 10% nationwide. How can this be? The “smartest people in the world” (who, coincidentally, all work for or support the Messiah…go figure!) assured us that their policies of MASSIVE government spending would fix everything and keep things from getting this bad.
Yet even that paragon of wisdom, Joe Biden (who, it seems, only opens his mouth to change feet) has had to admit that our resident geniuses “misread” how bad conditions were. Of course, this is all still the fault of the “evil” Bush administration, who didn’t tell poor Joe and Company how bad things really were! This is passing strange, since one of the central themes of the Obama/Biden campaign was a constant drumbeat of how this was “the worst financial crisis since the Great Depression”. Exactly how does one square that with Biden’s current claim that lack of information from the Bush administration lead them to underestimate how bad conditions were??
At some point there needs to be a statute of limitations on blaming problems on the previous administration and start facing the cold, hard fact that, just as many of us predicted, the actions of the Obama crew have made things worse rather than better. One may not like how the basic principles of economics work, but that doesn’t mean you can repeal them by fiat. No nation has ever taxed itself out of a recession/depression! Massive increases in spending leave a government with 2 basic choices — increase taxes to unbearable levels or to just print more money to cover the deficits and, thereby, open the door wide open to exploding inflation! The government taking over more and more sectors of the economy does absolutely nothing to encourage the innovation and individual risk taking desperately needed to get the economy going again.
But the Democrats, drunk with power, only seem to know one answer for everything…. throw incredible amounts of money at the problem. Yeah, that’ll fix everything! And if it doesn’t work the first time, keep doing it again and again and again and again….