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Results of the Owe-bama Debt-O-Rama

Posted By J.D. Foster, Ph.D. On May 28, 2009 @ 4:17 pm In Ongoing Priorities | Comments Disabled

President Obama recently said, [1]

One hundred days ago, in the midst of the worst economic crisis in half a century, we passed the most sweeping economic recovery act in history…One hundred days later, we are already seeing results.”

President Obama is right: In the last one hundred days, the U.S. economy has lost over 2 million jobs.

The President inherited a recession and a huge budget deficit. Finding the deficit not yet huge enough, he argued for a lot more, pushing the total toward $2 trillion and putting the United States on course to double the national debt in just 5 years.

At a photo-op at Nellis Air Force Base the President claimed his stimulus had “saved or created” 150,000 jobs. When employment drops by 2 million, exactly how is his deficit spending supposed to have saved or created any jobs? It didn’t. This is another phony number conjured out of wishful thinking and trotted out by the President to justify a disastrous fiscal policy.


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URL to article: http://blog.heritage.org/2009/05/28/results-of-the-owe-bama-debt-o-rama-2/

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[1] recently said,: http://news.yahoo.com/s/afp/20090527/pl_afp/uspoliticseconomyobama_20090527193029

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