A year later, with employment still about 10 percent, Obama has dispatched his minions to tout the enormous "success" of his plan, without which, he claims, we would have suffered a depression. It's no accident that he included "audacity" in the title of one of his books.
By every reasonable measure, his stimulus plan has been an abject failure. When you examine the empirical evidence, you'll find there is an inverse relationship between the monies he spent and employment; as more money was spent, there was less employment. The chart doesn't lie.
Obama now claims he saved some 2 million jobs that would not have been saved but for his stimulus package. But as Heritage Foundation scholars note, he bases his numbers not on any evidence whatsoever, but on the preposterously circular argument that Keynesian theory holds that these government expenditures must have created that number of jobs.
But in fact, reports Heritage, we have lost 3 million real jobs held by real people (as opposed to cartoon characters producing widgets), making the gap between Obama's promised 3 million jobs gained and the actual jobs lost some 6 million jobs. In the meantime, most of the money Obama purloined from the private sector has been completely wasted. Did you see the report that his inane plan to create 90,000 "green" jobs throughout America has succeeded in weatherizing only 9,000 homes at an average cost of $57,362? But don't worry; Obama hasn't finished spending all our money yet, and he's planning a second stimulus as we speak. There is never a shortage of cartoon characters or widgets.
Don't ever let anyone tell you that history doesn't repeat. For 70 years, liberals have been spinning the yarn that FDR's New Deal, despite all the evidence that it exacerbated and prolonged the Great Depression, quickened our economic recovery. Indeed, I remember scratching my head when one of my college history professors in the 1970s tried to convince us of that theory and its corollary -- an even better howler -- that FDR was actually a conservative, because if he hadn't implemented his socialist programs, the republic would have died right there.
But despite all of Obama's assaults on America and its solvency during the past year, we have witnessed one encouraging development: The American people aren't buying his propaganda anymore -- so let him keep talking.