Which part of “No more deficit spending” don’t the professional politicians in Washington understand? As Examiner columnist Michelle Malkin points out on page 36, within minutes of signing the bipartisan debt-ceiling deal worked out by congressional leaders, President Obama stood in the White House Rose Garden demanding new “key investments” — i.e. spending more money the federal government doesn’t have and will have to borrow from China or somebody else. This time, it’s for an “infrastructure bank” championed by 2004 Democratic presidential nominee John Kerry. The Massachusetts senator assures America that his proposal will create jobs in the construction industry by making tax-funded loans to finance new projects.
Of course, we’ve already been down this road before with Obama’s spectacularly failed $859 billion economic stimulus program, approximately one-fourth of which funded all those “shovel-ready infrastructure projects.” Two years later, with unemployment still above 9 percent, business and consumer confidence at historic lows, and the economy nosing over into the second dip of a double-dip recession, Obama chuckled as he recently conceded that those “shovel-ready projects weren’t as shovel-ready as we thought.”
