Obama Lied, The Economy Died

The title is just my way of poking liberals in the eye with the sharpest stick I can find.  An eyepoke, as they say, is worth a thousand words.

We were told over and over again, “Bush lied, people died.”  It didn’t matter if Democrats were saying the same things that Bush said:

Bush Lied? Quotes from Democrats About the Threat of Iraq-Truth!

Words of Mass Destruction

Quotes and Facts on Iraq

It didn’t matter that every major intelligence service in the Western world believe that Saddam Hussein had WMD and was trying to develop more WMD.

But why let the facts get in the way of a good rhyming slogan?

But with Obama, such a slogan actually has some real legs.

On Friday, February 9, in his media blitzkrieg to sell the Porkulus, Obama made some incredibly forceful – but incredibly false – claims:

Most economists almost unanimously recognize that, even if philosophically you’re — you’re wary of government intervening in the economy, when you have the kind of problem we have right now — what started on Wall Street, goes to Main Street, suddenly businesses can’t get credit, they start paring back their investment, they start laying off workers, workers start pulling back in terms of spending — that, when you have that situation, that government is an important element of introducing some additional demand into the economy.

We stand to lose about $1 trillion worth of demand this year and another trillion next year. And what that means is you’ve got this gaping hole in the economy.

That’s why the figure that we initially came up with of approximately $800 billion was put forward. That wasn’t just some random number that I plucked out of — out of a hat. That was Republican and Democratic, conservative and liberal economists that I spoke to who indicated that, given the magnitude of the crisis and the fact that it’s happening worldwide, it’s important for us to have a bill of sufficient size and scope that we can save or create 4 million jobs.

Most economists almost unanimously recognize? Really, Barry Hussein?

Kind of reminds me of Algore’s famous, “The science pertaining to global warming is settled.”  Right, you propagandist liar.

Obama is lying to us.  And this isn’t a tiny little white lie; IT’S A GREAT BIG FAT GIANT $2.3 TRILLION LIE.  And it might well be an even bigger lie than that.

The Cato Institute placed a full page ad in the New York Times signed by a ton of economists that read:

With all due respect Mr. President, that is not true

Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we the undersigned do not believe that more government spending is a way to improve economic performance. More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “lost decade” in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policymakers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.

And there were a whopping load of economists who signed on to that statement – at least a couple hundred, just at a glance.

All these economists signed a public letter saying, “With all due respect, Mr. President, you are a bald-faced liar.”

Obama also said:

We saw this happen in Japan in the 1990s, where they did not act boldly and swiftly enough and, as a consequence, they suffered what was called the lost decade, where essentially, for the entire ’90s, they did not see any significant economic growth.

So what I’m trying to underscore is what the people in Elkhart already understand, that this is not your ordinary, run-of-the-mill recession. We are going through the worst economic crisis since the Great Depression.

But that is simply false.

Japan’s Big-Works Stimulus Is Lesson
By MARTIN FACKLER

HAMADA, Japan — The Hamada Marine Bridge soars majestically over this small fishing harbor, so much larger than the squid boats anchored below that it seems out of place.

And it is not just the bridge. Two decades of generous public works spending have showered this city of 61,000 mostly graying residents with a highway, a two-lane bypass, a university, a prison, a children’s art museum, the Sun Village Hamada sports center, a bright red welcome center, a ski resort and an aquarium featuring three ring-blowing Beluga whales.

Nor is this remote port in western Japan unusual. Japan’s rural areas have been paved over and filled in with roads, dams and other big infrastructure projects, the legacy of trillions of dollars spent to lift the economy from a severe downturn caused by the bursting of a real estate bubble in the late 1980s. During those nearly two decades, Japan accumulated the largest public debt in the developed world — totaling 180 percent of its $5.5 trillion economy — while failing to generate a convincing recovery.

And another article:

Barack Obama-san

As January 20 nears, Barack Obama’s ambitions for spending on the likes of roads, bridges and jobless benefits keep growing. The latest leak puts the “stimulus” at $1 trillion over a couple of years, and the political class is embracing it as a miracle cure.

Not to spoil the party, but this is not a new idea. Keynesian “pump-priming” in a recession has often been tried, and as an economic stimulus it is overrated. The money that the government spends has to come from somewhere, which means from the private economy in higher taxes or borrowing. The public works are usually less productive than the foregone private investment.

In the Age of Obama, we seem fated to re-explain these eternal lessons.

Japan’s “lost decade” was characterized by massive government spending that produced absolutely nothing.  Adjusted GDP, for the United States to spend as much as Japan did, it would have to spend at least $19 TRILLION.  So Japan went plenty far enough.  They took the “government spending equals stimulus” logic all the way to the wall.  And crashed and burned.

Now Democrats are about to embark on the biggest, most unprecedented government spending binge in human history.

The problem with this kind of massive spending by government – apart from the fact that it doesn’t work and will entail the forfeiture of our liberty – is that it will result in a devalued currency and shocking inflation down the road.  And hate to tell you, but there is a genuine nightmare scenario that is becoming more and more real as government blunders farther and farther into a black hole of waste and incompetence.

The Porkulus package is entirely owned by the Democrats.  If it fails – and it will fail – we will have lost precious time and resources that we could have invested in a meaningful solution to our economic crisis.

Obama has repeatedly issued alarmist “fear mongering” threats to push his package onto a fearful country.  He has used bitter partisan speeches to try to malign and ridicule Republicans who were entirely shut out of all input into the bill.  He has blatantly lied, as I’ve shown in this article.  And he is about to sign into a law a bill that was passed without actually having been read by a single Representative or Senator who voted for it.

Obama’s stimulus bill is just pork in new disguise.  And the reality is that we have over a trillion dollars worth of pork bundled into hundreds of wasteful packages of a few billion here, and several hundred million over there – and all of it collectively championed by Obama as “essential” to our very survival.

And the Democrats aren’t telling the truth about any of it – even how much it really cost.

George Will, appearing on ABC’s “This Week” on February 15, said:

Do the arithmetic here. It’s said to be $787 billion, which if that were the only cost of this would be 9% of GDP. But then if you add in two other things – the cost of the borrowing to finance this – over a reasonable time horizon – and you add the cost of those programs which are called “temporary” but which we KNOW will become permanent – it’s about $2.3 trillion.  Therefore Tom Cole, the Congressman from Oklahoma, had it about right when he said, “Never before have so few spent so much so quickly for such little effect.”

And if Heritage is correct, even that shockingly high figure is actually far  lower than a reality which should be as terrifying as it is mind boggling:

And these dollar figures representing the real cost of this “porkulus” – as shockingly high as they are – don’t even begin to address the REAL causes for our financial crisis.  The most expensive spending package in the history of the world didn’t address either the housing crisis or the banking crisis.  That will take MORE trillions to resolve.

The next bank bailout which will immediately follow the hundreds of billions (actually trillions) we’ve just voted for could itself cost as much as $2 trillion, The Wall Street Journal is reporting.

Hold Obama accountable.

If this economy doesn’t start picking up after Obama signs Porkulus, start spreading the word: Obama lied, the economy died.

9 Responses to “Obama Lied, The Economy Died”

  1. hl Says:

    I absolutely hate what O and his allies are doing to this country. I cannot wait to get these lying, deceiving, hypocritical thieves out of office. What they are doing is criminal.
    I hate the hypocrisy of the MSM, I am furious at everyone who voted for O.
    If there are others like me, who love America and the principles that made her we have a chance to get our country back.
    I pray that that this anger propels us to tireless action until this administration is taken out of power.
    I want them to fear us, “we the people.”

    “It does not take a majority to prevail, but rather an IRATE TIRELESS minority; keen on setting brushfires of freedom in the minds of men.”
    Samuel Adams

    “Posterity you will never know how much it has cost my generation to preserve your freedom. I hope you will make good use of it.”
    John Quincey Adams

  2. Michael Eden Says:

    Those are some mighty fine quotes you’ve got there, HL. I’ll have to add them to my “founding fathers quotes” file.

    I at least want to have the goods on Obama so everyone can know whose fault the coming economic meltdown will be.

    Ultimately it will be because we voted for the first, “No, no, no. Not God bless America. God damn America!” president.

  3. A 1-In-100 Blogger Says:

    Obama Lied, Our Economy Died!

    It’s never fun when our President lies to us. This must stop.

  4. Michael Eden Says:

    The moment I saw those hateful videos of Jeremiah Wright pissing on America while Barack Obama’s fellow church members leaped to their feet and cheered wildly. I don’t know if I’ve ever been more outraged. And then Barack Obama gives us this moralizing speech about race after being caught red-handed in a racist church. That was when I knew.

    Since then, I’ve come to regard Obama as the quintessential liar. He will say whatever he feels he needs to accomplish what he wants at the moment. And he’ll talk all over the board, so he can always say, “As I’ve said before…”

    Something is going to have to trigger a massive public outrage against Obama to halt his agenda, or this country is done for.

  5. A 1-In-100 Blogger Says:

    @Michael Eden: I cannot agree with you more. The worst part, or one of the worst parts I should say, is the media turning their shoulder on all of this. Rather than cover what is actually happening in politics and its effect on the economy, we see MSNBC or CNN covering Obama’s favorite soda. Who cares what soda Obama drinks?!

    The problem is Obama’s agenda! How it’s going to cause to worst hyperinflation and devalue of the U.S. Dollar we’ve ever witnessed. And for what? A short-term spike in government spending?

    Who’s going to pay for it? We are. We can’t rely on 2% of America to pay for it, because the “wealthy” don’t have enough money to pay for all of it. Obama could steal 100% of the wealthiest individuals income and assets combined, but we’d still have trillions to pay off.

    Barack Obama would rather steal our future, our kids future, and our grand kids future–their opportunity to create wealth–all so that he can carry out his agenda. It’s sickening. I really believe Obama and Congress have lost their minds. The destruction of America, our economy, and capitalism starts here. In time, a majority of the public will become outraged by it – despite the media’s attempt to hide Obama’s lies.

  6. Michael Eden Says:

    A 1-In-100 Blogger,

    I have a feeling we both read the same article – that even if we add the ENTIRE wealth of the wealthiest, we STILL wouldn’t even so much as scratch the surface in the deficits we are digging for our grandchildren now.

    Obama is allowed to give speeches on “fiscal responsibility” – and be applauded for his “bipartisanship” and his stewardship – even as he engages in spending that dwarfs anything ever seen in human history.

    And – as you rightly point out – massive inflation and the coming complete devaluation of the dollar will result in food riots and Great Depression. If you haven’t, read this bit from Trends Research Institute CEO Gerald Celente.

    I am reading Goldberg’s “Liberal Fascism,” and have been utterly amazed at the fascism that is incipient in modern liberalism. Democrats see the crisis we now have and the greater crisis they are creating as merely an opportunity to pass even MORE sweeping socialist agendas.

  7. A 1-In-100 Blogger Says:

    Hey – I also want to say I really like your blog! I just subscribed to it, great resource for political news.

    As of now I’ve got three ‘primary sources’ – Start Thinking Right, http://pajamasmedia.com/instapundit/ and Drudge Report (naturally).

    There’s always Fox News too, which is sort of a given. But aside from that, here’s my praise – you’ve got a great blog!

  8. A 1-In-100 Blogger Says:

    Hey – letting you know I really enjoy your blog! I just subscribed to it.

    For conservatives this is definitely an excellent source of news.

    My top five (in no particular order):
    1. Drudge Report
    2. Instapundit
    3. Start Thinking Right
    4. Rush Limbaugh
    5. Fox News

  9. Michael Eden Says:

    Hey, I really appreciate that.

    I am a true Christian and a true conservative. I want God in my life, and the government out of it. I want neighbors to help each other, rather than this and that big government program. I want our tax dollars to go to defense and building freeways rather than to all the liberal entitlement crap. I want schools to teach reading, writing, and arithmetic rather than Darwinism, abortion, and the gay agenda.

    I want the words of Washington, Madison, Jefferson, and Lincoln to reign supreme rather than the words of Obama, Clinton, Carter, and Pelosi.

    I have to watch my temper – because I’ve been outraged ever since I found out about Jeremiah Wright being Obama’s pastor for 23 years – but I try to tell it like it is, and I try to document what I’m saying with sound articles.

    I want to leave a record of the man I knew would be the worst president in US history.

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