The View From 1776
Wednesday, February 01, 2012
Stimulating, Shovel-Ready Projects
Editor Paul Greenberg makes an interesting point.
Obama admitted that there really were no shovel-ready, major projects awaiting his stimulus spending in 2009. Domestically that remains true. Obama wants to waste billions on uneconomic and unneeded projects like California’s high-speed railroad that runs through sparsely populated areas and will never be able to cover its out-of-pocket operating costs.
In the Depression of the 1930s Franklin Roosevelt admitted around 1939 that he had poured massive amounts of deficit spending into every project he could think of, all to no avail. Unemployment remained in high double digits. What finally began to shrink unemployment was Roosevelt’s decision to begin building up our military forces in anticipation of entering World War II.
Today we have Obama’s quixotic and dangerous policies, on the one hand, of throwing money away on “green” energy projects, and, on the other hand, cutting back an immediately shovel-ready project: rebuilding our depleted military forces.