Instead of embracing the economic philosophies of Hayek or Keynes the Obama administration follows the teachings of another influential thinker: J. Wellington Wimpy, the notorious hamburger moocher of the old Popeye cartoons.
Wimpy used to say, “I’ll gladly pay you Tuesday for a Hamburger today.” President Obama says, “I’ll gladly pay you next decade for a $450 billion jobs bill today.” In his speech to Congress, the president demanded immediate passage of his program, promising to reveal later how he planned to fund it.
Now it’s clear he wants $460 billion in new taxes, but only over 10 years—covering barely 10 percent of the program when the money’s spent next year. Obama knows Congress won’t approve, making clear the only job his plan is meant to save is his own. Wimpy-nomics may be amusing in a cartoon, but alarming in a commander-in-chief.