The Patriot Post® · Happy Anniversary, Stimulus

The American Recovery and Reinvestment Act, a.k.a. the “stimulus,” turns five today. Barack Obama told us that blowing $830 billion would save the economy, keep unemployment below 8%, prevent the oceans from rising and result in general peace and harmony. Of course, unemployment stubbornly remained above 8% for four years – and that’s only because so many millions of Americans left the workforce. The “stimulus” drove annual deficits over $1 trillion for four straight years, while setting a new, higher floor for federal spending. Returning to pre-stimulus spending levels is now a draconian “cut.” Finally, the “stimulus” has been a drag on the economy, which has averaged growth of just 2.4% compared to more than 4% under Ronald Reagan. This anniversary is hardly worth celebrating.