Defrauding the Keynesian Fraud

Over and over again during the height of the debate over the necessity of the American Recovery and Reinvestment Act, the Obama administration maintained that unemployment would not reach eight percent, and argued that the $787 billion be spent quickly so as to facilitate economic recovery. Republicans and conservatives like myself who responded by saying that, even assuming that the Keynesian approach would work, the money would not be spent quick enough to make a difference were chided and dismissed as merely sowing the seeds of obstructionism.

Fast forward to early June, and unemployment is nearing ten percent, and according to Jared Bernstein, Vice President Joe Biden’s chief economic adviser, only $44 billion has been spent. The video above is from a press conference yesterday — only now have I had time to address it. The exchange–besides illustrating a point I made about the media earlier today–is extremely telling, both with regard to how the White House forced the so-called “stimulus” package on the American people under false pretenses, as well as how sorely lacking in common sense this administration truly is:

NBC’s Chuck Todd: “So you said you spent a billion dollars a day, so obviously minus $800 billion is about $700 billion left to be spent of the stimulus? Is that a fair–”

Jared Bernstein: “Well, just to be precise, it’s actually a matter of obligating about a billion dollars per day. We’re up to about $135 billion in terms of obligations.”

Todd: “Obligated, not necessarily spent yet.”

Bernstein: “Right. Spent out is closer to $44 billion.”

Todd: “How much of this summer are you obligating now to this specific 600,000–”

Bernstein: “We’re unable to make that estimate at this point.”

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Comments

  1. Tired of it all says:

    Unbelievable.

  2. RICHY RICH says:

    With NO oversight on these funds how do we know they are not creating huge personal bank accounts for themselves????

  3. Jennifer says:

    We should probably give the Obama Administration the benefit of the doubt on this one. Anything coming from Joe Biden's office requires additional research and sanity checks.

    Of course the American electorate is so dumb that they will believe anything that "The Savior" says. I hate to say that but I work with people who actually believe that the Obama Administration had to spend all of this money to repair the damages of the Bush administration. It is amazing the things people will believe because they despise our former President so much. Kudos to Obama for using this hatred to his advantage.

  4. Anonymous says:

    Thats so funny jennifer!

  5. Anonymous says:

    Can you imagine if the Bush Admin had shown such incompetence?

    The press would have been foaming at the mouth.

  6. Gail B says:

    Well, that's roughly about $44 million per day.

    Where in his cabinet is the genius who figured all this out? All they have done is run business out of the country, take over what stayed, and lose (on the chart) 700,000,000 jobs! The line went from fairly stable up to January 20 to greater than a 45-degree angle after January 20. Five months and 700,000,000 jobs lost on Obama's watch. That's almost 1.5 million jobs lost each MONTH!

    And he has the audacity to apologize for PREVIOUS administrations?

    Thanks, Jeff, and especially for the graph. I saved it to my computer for use later.

  7. Kevin says:

    Gail B,
    I'm no Obama/Biden/Pelosi fan, but your math is fuzzy. The entire population of the US (employed and unemployed) is about 306,000,000. So we have not lost 700,000,000 jobs. I think you meant 7,000,000.

    It was Pelosi that totally botched this statistic also and said we were losing 500m jobs per month. No one in the press challenged her on it that I have seen, and so the fear-mongering was allowed to continue and the package was summarily shoved down our throats.

  8. Gail B says:

    Ha-ha-ha-ha! I had taken something (OTC) to help me sleep, since I had to get up early this a.m.

    I just read it again and thought, "Oh, NO! That's 7 million!

    But then, if God had meant for me to do math in my head, He wouldn't have invented the calculator. (All things come from God.)

    Sorry about that, folks. Surely takes a load off my shoulders–I'm not the Perfect One who died 2,000 years ago.

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