1.2 million Americans have lost their jobs since the $800 billion stimulus package was signed into law. The Congressional Budget Office predicted it would shrink the economy “in the long run,” but create jobs in the short run.
But the stimulus package turned out to be harmful even in the short run, because it was so badly designed. It poured money into sectors of the economy where no help is needed because unemployment is low, while siphoning money out of sectors where unemployment is…
The $800 billion stimulus package pushed through by Obama has ignited a trade war with Canada, reports the Washington Post. In response to vague “buy American” provisions in the stimulus, “A number of Ontario towns, with a collective population of nearly 500,000, retaliated with measures effectively barring U.S. companies from their municipal contracts — the first shot in a larger campaign that could shut U.S. companies out of billions of dollars worth of Canadian projects.”
A trade war is also underway…
Herbert Hoover ran up big budget deficits in response to the 1929 stock market crash, in an unsuccessful effort to stave off the Great Depression. That’s incontrovertible history. Even the web site maintained by the Obama White House, which has proposed record-setting budget deficits over the next decade, says Hoover ran up deficits.
But when someone points out that Hoover was a deficit-spender, liberal ideologues falsely claim in response that Hoover pushed for a balanced budget. Nothing supports those claims. But they are…
During the Great Depression, Herbert Hoover damaged the economy, and impoverished the American people, with costly, artificial attempts to stimulate the economy through increased government spending, financed by heavy taxes like the Revenue Act of 1932.
Obama is now doing the same thing through his proposed $2 trillion cap-and-trade carbon tax. That tax fulfills his prediction in 2008 to the San Francisco Chronicle (which didn’t report it) that “Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.” As Obama admitted, that…
The European Union is threatening a trade war over provisions in the $800 billion “stimulus” package backed by Obama and Congressional leaders. The Great Depression resulted partly from the trade war that followed the Smoot-Hawley Tariff signed into law by Herbert Hoover, which Congressional leaders wrongly thought would help end the recession that followed the 1929 stock market collapse.
The stimulus package also contains tons of red tape and strings attached to the money it showers on state governments, in order to…
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