Some call it Obamanomics, but really it’s just more of the same failed Keynesianism. The same economic theories that the left was praising in the pre-inauguration winter of 2009, as the salvation for our economic woes.
No coincidence that Peter Orszag and now, Christina Romer have jumped ship:
Romer is best known for drafting the February 2009 report “The Job Impact of the American Recovery and Reinvestment Plan,” which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included).
Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That’s not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.
Those who fail miserably in the real world, go back to teaching at Berkeley I guess.
Meanwhile, the $787 billion porkulus is flushed down the toilet:
…[T]he stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.
As Romer fades back to her teaching post at Berkeley, Obama is adding to the economic misery by creating an environment of regulatory uncertainty.
There is no accountability at all to what these people bring to the table. The Obama administration was heralded by the press and the blogosphere as young blood, a haven of Democratic intellectualism that was supposed to do away with fiscal recklessness of the past, repudiate a failed Republican agenda, and jump-start the economy.
Now, with the better part of two years behind them (not to mention almost four years of a Democratically-controlled congress), the administration is trying to put lipstick on a pig of an economic landscape.
The worst part of all of this is that real Americans are suffering. Nobody is asking for a handout, but the government’s actions appear to exacerbate the problems.