Specifically, Obama claimed that the measure was an “emergency economic recovery” proposal – yet only 11.3 percent of its appropriated spending was tapped within the first year. He also touted it as a “transportation and infrastructure” package – and yet just 17 percent of its discretionary funding was allocated for these purposes. Meanwhile it created thirty new government programs and dramatically-expanded another seventy programs.
This was a bureaucratic boondoggle, pure and simple; a massive government money grab that was destined to fail spectacularly – which it has.
Since the beginning of the recession, nearly 8 million private sector jobs have been lost. U.S. unemployment – which was never supposed to climb above 9 percent according to Obama’s economic advisors – has remained above 9.4 percent for seventeen consecutive months. Yet while the private sector has been reeling, the federal government has added nearly 200,000 positions – and that’s not counting temporary Census hires.
So what does Obama have to say now?
“The problem was we lost 4 million jobs before I was sworn in,” Obama said during an appearance on a popular comedy show just days before the 2010 elections. “Most of the jobs we lost were lost before the economic policies we put into place had any effect.”
A comedy show. How fitting.
Unfortunately, the joke of America’s failed “stimulus” isn’t on Obama or his predecessor – it’s on the millions of us who are ultimately going to be stuck paying the tab.