Tag Archives: Stimulus

stimulus as a political exercise

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Robert J. Samuelson isn’t a right-winger… which makes his criticisms of the stimulus all the more useful (politically).  It has FAILED its original purpose… there is NO DENYING IT at this point.

It’s not surprising that the much-ballyhooed “economic stimulus” hasn’t done much stimulating… The program crafted by Obama and the Democratic Congress wasn’t engineered to maximize its economic impact. It was mostly a political exercise, designed to claim credit for any recovery, shower benefits on favored constituencies and signal support for fashionable causes.

There are growing demands for another Obama “stimulus” on the grounds that the first was too small. Wrong. The problem with the first stimulus was more its composition than its size. With budget deficits for 2009 and 2010 estimated by the CBO at $1.8 trillion and $1.4 trillion (respectively, 13 and 9.9 percent of gross domestic product), it’s hard to argue they’re too tiny. Obama and congressional Democrats sacrificed real economic stimulus to promote parochial political interests. Any new “stimulus” should be financed by culling some of the old.

Here, as elsewhere, there’s a gap between Obama’s high-minded rhetoric and his performance. In February, Obama denounced “politics as usual” in constructing the stimulus. But that’s what we got, and Obama likes the result. Interviewed recently by ABC’s Jake Tapper, he was asked whether he would change anything. Obama seemed to invoke a doctrine of presidential infallibility. “There’s nothing that we would have done differently,” he said.

via washingtonpost.com.

Insincere Criticisms?

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This may be the best article written on the Obama administration to date.  Turns out that all those criticisms Obama leveled against Bush… were a bunch of bunk compared with the way Obama runs the country.

Victor Davis Hanson on NRO:

There were many legitimate critiques of the Iraq war. But insisting, as Barack Obama did, that we invaded recklessly and in haste was not one of them. From the fall of the Taliban in December 2001 to the invasion of Iraq in March 2003, the Bush administration deliberately and in public fashion sought debate in the Congress for over a year, received bipartisan authorization, and tried for months to win sanction from the United Nations.

In contrast, Barack Obama immediately upon entering office demanded the largest government expansion in the history of the nation. The staggering debt program will require nearly a trillion dollars in borrowing to fund all sorts of entitlements and redistributive efforts, and in revolutionary fashion redefine the role of government itself. Obama pronounced the current economic crisis the moral equivalent of war, and he wanted a national mobilization to meet it — pronto.

But unlike the Bush administration, which took 15 months to prepare the country for a real war in Iraq, the Obama administration gave the public only a few hours to read the final draft of the legislation before it was made into law. Where the polarizing partisan George Bush managed to obtain the vote of majorities in both parties to remove Saddam Hussein, the healing bipartisan Barack Obama lacked the support of even a single Republican in the House and won over a mere three Republicans in the Senate.

Liberals who once screamed that congressional opponents of the Iraq war were being unfairly tagged as unpatriotic by the Bush administration now yelled louder that the opponents of the Obama debt program were, in fact, unpatriotic.

Bush was pilloried for supposedly hyping al-Qaeda in order to create a security state. Obama trumped that by proclaiming that the present recession is a catastrophe, a disaster, a Great Depression. He ceased his scare-mongering only when he had exhausted the vocabulary of doom. “You never want a serious crisis to go to waste,” bragged Rahm Emanuel, reminding us that the envisioned Obama socialism could take root only if a climate of fear was created.

via The Audacity of Irony by Victor Davis Hanson on National Review Online.