Obama Falsely Boasts He Saved Economy

Obama, the same megalomaniac who swore he would cure all diseases and end all poverty in his Democratic nomination acceptance speech, has been running about blowing his own horn that He saved the economy. How did he do this?

Well, apparently by letting Nancy Pelosi and Harry Reid construct a hugely wasteful and highly unproductive stimulus bill. Yes, that same bill which give socialist Democrats every wasteful and lunatic spending program they had wanted for years. It gave large sums of money to ACORN and to alternative energy development. Neither of which has ever produced anything very useful ever. It was said that it was going to put large sums of money into shovel-ready infra-structure projects, but actually the sums going in that direction were small. And, most interesting of all, even though the bill was said to be necessary to fight an immediate emergency in the state of the economy, most of the money is actually to be spent in the months leading to the 2010 election. To date, only about 5% of the money has actually been spent, so one cannot expect that there is much in the way of positive effects.

Because so little has been spent, while the huge debt to pay for it looms over our future, the main present effect of the stimulus bill is the uncertainty it creates looking forward. There are clearly going to be many negative ways this will affect the economy in the near future. The bill shifts huge sums of money from productive uses and uses that individual's desire to political uses. Many of those political uses will enrich the enemies of free enterprise. In other cases, the money is to be used to create advantages for some industries over other industries, which they are incapable of achieving in the free market. This is a misallocation of resources.

The stimulus money will create some jobs, but the critical issue is whether each job created is a lasting job and whether it kills more than one private sector job. The answer is that many of the jobs created are not lasting and that each created job kills more than one private sector job. This stimulus bill will create more unemployment than employment.

Obama is a false prophet.