Monday, August 16, 2010

Death, Taxes and the Failure of Obamanomics

By Mike Brownfield in The Foundry

Benjamin Franklin famously said, “In this world nothing can be said to be certain, except death and taxes.” With America’s stagnant-as-a-swamp economy still stuck at 9.5% unemployment, an unexpected 484,000 new jobless claims, and reports of a slowed recovery, it might be time for old Ben to pull out his quill and add another certainty to his list: the continuing failure of Obamanomics. Judging by the words of one of President Barack Obama’s economic advisors, it doesn’t look like the Administration is going to change course anytime soon.

On ABC’s “This Week with Christiane Amanpour,” Laura Tyson, a member of the President’s Economic Recovery Advisory Board, called for even more of the same tried-and-failed Obamanomics stimulus policies, when asked how to get the economy moving faster:

We have to continue to do everything we can to stimulate demand in the economy… Invest in people. Invest in infrastructure. Invest in knowledge,” she said. “Invest, invest, invest is really what we must do.

image “Invest, invest, invest” is Obamaspeak for “spend, spend, spend,” which the White House and the Pelosi-Reid Congress have done plenty of already, to no great effect. Never mind all that; Tyson made clear that she believes we should stay on that one-way road to perdition, paved with taxpayer dollars. As The Washington Examiner editorialized on Sunday:

They’ve spent nearly $8 trillion since 2007, including nearly $2 trillion on economic stimulus programs and an equal amount for the Troubled Asset Relief Program and similar bailouts. They’ve effectively nationalized Fortune 500 corporations, taken over the health care sector, and set the regulatory stage for more bailouts and takeovers, but the needle is still stuck. Worse, recovery isn’t likely for many months ahead because those same politicians are planning more of the same failing policies.

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