The one thing we can all agree on is that if the real intention of Obama’s “stimulus” spending was to help the economy, it failed. But not even his opponents can agree on just how much of our money and our descendants’ money has been wasted. Don’t even try to get your head around these numbers:
Tom Firey of the libertarian Cato Institute estimates that the U.S. has dumped at least $2.5 trillion of fiscal stimulus into the economy since 2008. …
Some of the bills tracked by Firey were measures explicitly aimed at stimulating the economy, like the 2009 stimulus bill, by borrowing money to spend now, while paying it back down the road.
Other bills, like the bills extending unemployment insurance, were not explicitly intended to be stimulus measures, but Firey argues that they were in effect stimulus measures because they borrowed and spent money now, rather than redirecting money the government already has.
The creator of the famous Laffer Curve puts the number still higher:
Art Laffer, economist and former economics adviser to President Ronald Reagan, also puts the true amount of stimulus spending much higher than $819 billion — at more than $4 trillion.
“Federal government spending as a share of GDP rose to a high of 27.3% in 2009 from 21.4% in late 2007,” Laffer wrote in the Wall Street Journal. “This increase is virtually all stimulus spending, including add-ons to the agricultural and housing bills in 2007, the $600 per capita tax rebate in 2008, the TARP and Fannie Mae and Freddie Mac bailouts, “cash for clunkers,” additional mortgage relief subsidies and, of course, President Obama’s $860 billion stimulus plan that promised to deliver unemployment rates below 6% by now.”
“Stimulus spending over the past five years totaled more than $4 trillion,” he concluded.
Astonishingly, irresponsible leftists like Paul Krugman and Bill Clinton proclaim that Obama’s stimulus waste failed because he should have flushed away even more. Certain RINOs must agree:
Last week, with the help of Senator Orrin Hatch, the Senate Finance Committee voted to extend dozens of special interest tax preferences for green energy — preferences that are nothing more than subsidies and market distorters. Included in the $205 billion package is the Production Tax Credit, which subsidizes up to 80% of wind energy production.
When will the flagrant waste stop? Not before the inevitable collapse.
On tips from AC.