The View From 1776
Friday, October 23, 2009
Stimulus Plans Are Bound To Fail
Economic stimulus programs, as with all government economic interventions, are founded on the liberal-progressive presumption that politicians and bureaucrats are smart enough and well-informed enough to manage an economy of 300 million people as if it were the corner grocery store.
President Obama, his principal advisors, and his left-wing media supporters promised that hasty enactment of the $787 billion stimulus bill would keep unemployment below 8% and would create millions of new jobs. None of that has happened. Unemployment has risen steadily and now is just short of the 10% level.
In its October 20, 2009, edition According to testimony before Congress by Heritage Foundation economist Ben Lieberman, this bill would have severe financial impacts on American families: