In just a few months, we will experience a great economic miracle as jobs become plentiful, the stock market regains much of its lost value and homes start selling again. The press will tell us of the magic of the Obama recovery and the proof of the wisdom of Keynesian Economics. And it will happen just in time for the November elections.
So, the question is, will we be fooled again?
Will we reward the progressives by voting them back into office, or will we see this recovery for what it will be, a short term spike in an ongoing decline to be followed by a collapse and an intolerable burden of debt on our grandchildren?
Fully two-thirds of the $800 billion in stimulus funds already appropriated remain unspent, to be dispersed without further input by Congress by the Treasury Dept. and Obama will be asking Congress to appropriate another $300 billion in a new “Jobs Bill” shortly to be considered, and almost certainly passed, by Congress. That will give the Obama administration close to three-quarters of a trillion dollars to dump into the economy to create a false recovery with make-work jobs and government projects. No administration before has ever had a slush fund like this available for buying an election.
You can create a great impression of a recovery with that much money if it only has to last a few months.
Of course, that money does not exist. It will be a charge on our grand childrens’ credit card, to be repaid with an onerous, lifelong tax burden which will bring their generation no benefits whatsoever.
But no price is too high to buy an election, especially when the bill will come due long after you are out of office.
So, will the people as a whole be fooled, or have we learned our lesson yet?