The Corner

White House Touts Stimulus Success, Pushes for Another

The Hill’s lede is appropriately skeptical:

A new jobs bill is needed even though the $787 billion economic stimulus package saved or created roughly 2 million jobs, the Obama administration claimed Tuesday.

In a sense, the models and estimates that the administration continues to trot out to bolster its phony “created or saved” metric just aren’t important. The question, as I wrote last week, is whether keeping the economy on life support via endless borrowing and spending is a viable strategy — that is, in a balance-sheet recession, can the private economy recover as long as the government puts all the bad debt on its own balance sheet?

I would argue that it cannot. The size of the deficits we are running from here to enternity is a destabilizing force in our economy, creating a level of uncertainty about the strength of our country and the value of our currency that is absolutely deadly to entrepreneurship — the real source of job-creation. (And that’s before we get into health care, cap and trade, new and exotic forms of taxation, etc.) As Mark Steyn has written elsewhere, it doesn’t matter if the stimulus “saves or creates” a hundred kazillion jobs. As long as those jobs are “created” by taxing or borrowing money out of the productive economy and deploying it in ways the market has no use for (see here and here and here and here and here and here and here and . . . you get the point), we are actually slowing the righting of the ship and making it more likely that we’ll capsize again.  

Most Popular

There Is No COVID Plan

The 2020 campaign for president has been surprisingly empty of substance since Joe Biden became the nominee. The Republicans notably didn’t even bother updating their party platform. Donald Trump’s team has spent many of the last days of the campaign making personal attacks, focused on the alleged financial ... Read More

There Is No COVID Plan

The 2020 campaign for president has been surprisingly empty of substance since Joe Biden became the nominee. The Republicans notably didn’t even bother updating their party platform. Donald Trump’s team has spent many of the last days of the campaign making personal attacks, focused on the alleged financial ... Read More
Elections

What Trump Needs to Win

On the menu today: walking through President Trump’s not-so-implausible route to 270 electoral votes, state by state, and taking a look at the gubernatorial races this year -- where GOP candidates from deep red states to a few blue ones are polling considerably ahead of Trump this cycle; and how the country ... Read More
Elections

What Trump Needs to Win

On the menu today: walking through President Trump’s not-so-implausible route to 270 electoral votes, state by state, and taking a look at the gubernatorial races this year -- where GOP candidates from deep red states to a few blue ones are polling considerably ahead of Trump this cycle; and how the country ... Read More
U.S.

The Lies We’re Told about the American Story

Editor’s Note: The following essay was adapted from remarks delivered to the annual dinner of the Lincoln Club of Orange County, in California, on October 4. Every American heart must break when lies are told to boys and girls, who then grow up to think the worst about their past: that the American ... Read More
U.S.

The Lies We’re Told about the American Story

Editor’s Note: The following essay was adapted from remarks delivered to the annual dinner of the Lincoln Club of Orange County, in California, on October 4. Every American heart must break when lies are told to boys and girls, who then grow up to think the worst about their past: that the American ... Read More