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Obama Embraces the Crazy by Donald Lambro

As I was browsing through the internet, I found this interesting article about Obama. Definitely worth reading…

Here is an excerpt..

WASHINGTON — President Obama still insists that we can “spend our way out of this recession” to create jobs, and Democrats are pushing another spending stimulus in a vain attempt to do just that.

What is being called “son of stimulus” on Capitol Hill is essentially the same snake-oil remedies in the original nearly $800 billion stimulus: billions more for highway, bridge and other infrastructure projects, tax incentives to persuade people to make their homes more energy efficient, and limited tax breaks for small businesses that still keep the tax rates where they are as these businesses await the bigger Obama tax hikes to come.

With unemployment stuck at 10 percent — 16 percent if you count millions of jobless Americans who have given up looking for work — it is now clear that the first stimulus isn’t working. Remember, the definition of “crazy” is doing the same thing over and over again and expecting a different result.

Obama said earlier this year that his spending stimulus would bring the jobless rate down to 7.8 percent, but unemployment continued to rise and nearly 4 million more Americans are looking for work. Clearly, ever more borrowing and spending isn’t going to work, either.

“I think it’s a really bad idea if they do more of the same. The fact is, the administration is crowing about having created, say, 640,000 jobs, but if you look at how much money they’ve spent, that’s $1.2 million per job. If they had just taken the stimulus money and hired people at the average U.S. wage, they would have created 21 million jobs. And so, where is the multiplier? It’s gone,” economist Kevin Hassett told a House Republican jobs conference earlier this month.

A number of reports have come out lately that say we’re not going to see a significant improvement in the jobs picture anytime soon.

The American Institute for Economic Research, a leading economic-forecasting firm, said the economy remains weak and “the recovery may be unsustainable.”

“We have witnessed and chronicled many recessions. And in our studied opinion the economy today is not on the mend — it has instead registered what the medical community calls a ‘false positive,’” AIER said in its latest report.

Click here to read the full article!