by Victor Davis Hanson<\/p>\n
Tribune Media Services<\/p>\n
To newly inaugurated Barack Obama and his prime-the-pump technocrats, the logic seemed so simple. America’s problem was a struggling economy. The solution was to spread around even more borrowed government money. The result would be a return to prosperity.<\/p>\n
But after nearly three years and almost $5 trillion in more borrowed “stimulus,” things have gotten only worse. Unemployment is stuck at 9.1 percent. Consumer confidence is approaching a record low. The stock market is tanking. National debt increases at the rate of $4 billion a day. Economic growth has almost vanished. Credit worthiness is downgraded. The housing market is still depressed. Food and fuel prices skyrocket. In response, only 26 percent of the public expresses confidence in the president’s handling of the economy.<\/p>\n
Apparently government cannot so easily, as even the president himself recently confessed, manufacture “shovel-ready” jobs. But it did far better in scaring cash-hoarding businesses into a historic hiring paralysis with nonstop talk of higher taxes, more national debt, more regulations, them\/us class warfare rhetoric, threatened government shutdowns of private plants, and higher-priced energy.<\/p>\n
Obama is still promising to borrow more for “infrastructure” and “jobs.” Despite $16 trillion in federal debt, the administration apparently wants to defy the rules of logic and do more of what made things worse in the first place, under the euphemism of “investments.” Popular American culture has coined all sorts of proverbial warnings about such mindless devotion to destructive rote: “Don’t flog a dead horse,” “If you are in a hole, stop digging,” and “Insanity is doing the same thing over and over and expecting different results.”<\/p>\n
No matter: The administration still adheres to the logical fallacy that the toxic medicine cannot be proven to be useless or harmful, because there was supposedly never enough of it given. And the proof is that the worsening patient is still not quite dead.<\/p>\n
The same fallacy arises over the rioting in Britain and the flash mobbing in American cities. With food stamps, housing subsidies, unemployment insurance, disability payments and general assistance at all-time highs in the affluent West, why did looters target mostly high-end stores? Was the criminality really due to a lack of government investment and public caring \u2014 or perhaps because of too much coddling and dependency? Yet some observers are talking of renewed “investments,” not of pruning back the destructive programs that seemed to facilitate an angry underclass in robbing electronics and boutique-clothing stores.<\/p>\n
That there is never enough spending is a seductive fallacy because it never requires any empirical proof: If millions of those supported by the state have lost their self-reliance and self-initiative, perhaps it is because millions supported by the state were not supported well enough, and so in response, some resorted to stealing things they could not afford.<\/p>\n
Consider also the current government-sponsored notion of “millions of green jobs” \u2014 a siren call that Obama and “green jobs czar” Van Jones voiced to lift the economy and transition America over to sustainable, affordable energy. But tens of billions of wasted dollars later, electricity and gas prices are at near-record levels. The idea of making subsidized green power competitive by cutting back on fossil-fuel exploration while trying to shut down coal plants and stop gas pipelines has only made energy prices climb and further burdened American households.<\/p>\n
Meanwhile, hundreds of billions in green subsidies created neither much new energy nor new jobs. But the massive handouts did provide a lot of public money in sweetheart deals to administration-friendly companies that either went broke, outsourced jobs to China, or hired the unemployed at insane costs, sometimes at $2 million per worker.<\/p>\n
Yet despite the dismal record, President Obama is still touting the same old, same old, 2008 “millions of green jobs” mantra, apparently on the fallacious notion that massive subsidies to government-supported plants like Evergreen Solar in Massachusetts or Johnson Controls in Michigan have not worked too well \u2014 only because there were not enough costly investments.<\/p>\n
As we witness the financial insolvency of blue-state America, the monetary meltdown in southern Europe, and the criminality breaking out among some members of the so-called Western underclass, logic suggests that massive state deficits not only did not bring a promised utopia, but ensured chaos.<\/p>\n
But for those who are invested materially and psychologically in the religion of never-ending government borrowing and spending, there is always the true believers’ excuse of “Not quite enough.”<\/p>\n
\u00a92011 Tribune Media Services<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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In 2006, when the aggregate national debt was almost $8 trillion less than today, he blasted George W. Bush's chronic borrowing and refused to vote for upping the debt\u2026","rel":"","context":"In "Debt and Deficits"","block_context":{"text":"Debt and Deficits","link":"https:\/\/victorhanson.com\/wordpress\/ahref=\/index.php\/categories\/angry-reader\/categorylink\/a\/politics\/debt-and-deficits\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":55,"url":"https:\/\/victorhanson.com\/wordpress\/europes-wishes-came-true\/","url_meta":{"origin":2403,"position":1},"title":"Europe’s Wishes Came True","author":"victorhanson","date":"January 31, 2013","format":false,"excerpt":"by Victor Davis Hanson Tribune Media Services Almost a decade ago, Europeans and many progressive Americans were lamenting how the United States was going to miss out on the 21st-century paradigm symbolized by the robust European Union. Neanderthal Americans were importing ever more oil while waging a costly \"war on\u2026","rel":"","context":"In "The EU"","block_context":{"text":"The EU","link":"https:\/\/victorhanson.com\/wordpress\/ahref=\/index.php\/categories\/angry-reader\/categorylink\/a\/the-world\/europe\/the-eu\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":720,"url":"https:\/\/victorhanson.com\/wordpress\/obamas-hypocritic-oath\/","url_meta":{"origin":2403,"position":2},"title":"Obama’s Hypocritic Oath","author":"victorhanson","date":"February 17, 2013","format":false,"excerpt":"by Victor Davis Hanson National Review Online Barack Obama has a habit of identifying a supposed crisis in collective morality, damning straw men \u201cthem\u201d who engage in such ethical lapses, soaring with rhetorical bromides \u2014 and then, to national quiet, doing more or less the exact things he once swore\u2026","rel":"","context":"In "Second Term Policies"","block_context":{"text":"Second Term Policies","link":"https:\/\/victorhanson.com\/wordpress\/ahref=\/index.php\/categories\/angry-reader\/categorylink\/a\/obama-administration\/second-term-policies\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":454,"url":"https:\/\/victorhanson.com\/wordpress\/let-bush-be\/","url_meta":{"origin":2403,"position":3},"title":"Let Bush Be","author":"victorhanson","date":"September 19, 2012","format":false,"excerpt":"by Victor Davis Hanson Tribune Media Services The theme of the president's 2012 re-election campaign is that George W. Bush left such a terrible mess that Barack Obama could hardly be expected to clean it up in four years. In other words, 43 months of unemployment rates above 8 percent,\u2026","rel":"","context":"In "Punditry"","block_context":{"text":"Punditry","link":"https:\/\/victorhanson.com\/wordpress\/ahref=\/index.php\/categories\/angry-reader\/categorylink\/a\/opinion\/punditry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2488,"url":"https:\/\/victorhanson.com\/wordpress\/is-the-president-in-recovery\/","url_meta":{"origin":2403,"position":4},"title":"Is the President in Recovery?","author":"victorhanson","date":"August 1, 2011","format":false,"excerpt":"by Victor Davis Hanson Tribune Media Services President Obama does not care much about deficits \u2014 other than worrying that big debt might matter in his re-election campaign. In his first three budgets, Obama borrowed nearly $5 trillion. Currently, the government is borrowing about 45 percent of everything that it\u2026","rel":"","context":"In "Debt and Deficits"","block_context":{"text":"Debt and Deficits","link":"https:\/\/victorhanson.com\/wordpress\/ahref=\/index.php\/categories\/angry-reader\/categorylink\/a\/politics\/debt-and-deficits\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2433,"url":"https:\/\/victorhanson.com\/wordpress\/obamas-paradoxes\/","url_meta":{"origin":2403,"position":5},"title":"Obama’s Paradoxes","author":"victorhanson","date":"August 19, 2011","format":false,"excerpt":"by Victor Davis Hanson National Review Online Consider the myriad paradoxes of the Obama age. Unprecedented government borrowing is out of control, unsustainable, and finally causing financial markets to panic. Yet we are told that the necessary cutting ahead will further stall the stalled economy. 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