Five Years Later, Obama's Stimulus Remains an Extravagant Dud
WashingtonExaminer.com
It may be difficult for some to recall, but
President Obama repeatedly promised the American
people in 2009 that his $787 billion economic
stimulus program would create millions of new
jobs and shrink the
unemployment rate as it jolted the
economy into sustained growth. He also promised
it would spark a “green revolution” in energy, put a
million zero-emission
electric vehicles on the country's roads, and
lift two million people out of poverty. Joining
Obama in making those promises were then-House
Speaker
Nancy Pelosi and Senate Majority Leader
Harry Reid, the dynamic Democratic duo who, let
it not be forgotten, actually stitched together the
Obama stimulus program behind closed doors.
It’s now five years later and Obama’s chief economic
advisory council is still peddling snake oil about
the stimulus program, this time in a commemorative
report: “The recovery act had at most a minimal
impact on the long-run debt — and the additional
growth it produced likely further reduced or
eliminated its cost." In other words, the council
would have the country believe that the $787 billion
program actually cost little or nothing. If they're
serious, members of the council must also believe in
unicorns.
Take the president’s claim that his stimulus program
would save or create 3.5 million new jobs and
thereby keep the unemployment rate below 8 percent
and headed downward. It would do so chiefly by
taking advantage of the pent-up demand for
infrastructure construction, which would generate
droves of “shovel-ready jobs.” Not long after the
stimulus program was approved, the unemployment rate
zoomed past 8 percent to 10 percent, peaking at 10.1
percent late in 2009 and remaining thereabouts for
three years. It didn’t take quite that long,
however, for Obama to concede in 2011 that
“shovel-ready was not as shovel-ready as we
expected.”
Or take that green energy revolution that was also
going to create millions of new jobs and inspire
Americans to buy at least a million zero-emission
EVs. The spending was massive, but the results were
dismal, so much so that by October 2011, the
Wall Street Journal commented that “the green
jobs subsidy story gets more embarrassing by the
day. Three years ago, President Obama promised that
by the end of the decade America would have five
million green jobs, but so far some $90 billion in
government spending has delivered very few.”
As for those EVs that were supposed to be whirring
merrily along led by the
Chevrolet Volt, dealers moved a mere 918 of them
in January 2014. Consumers simply don't want Obama's
EVs, even though he spent billions of their tax
dollars to encourage sales.
Finally, there’s Obama’s promise that his stimulus
program would lift two million people out of
poverty. According to the U.S. Census Bureau, an
estimated 50 million Americans are now officially
classified as in poverty. That’s up from the 43.6
million who were in poverty in Obama’s first year in
office, for an increase of nearly seven million.
Obama’s advisors will have better luck selling those
unicorns.