Business

Obama's Pyramid Schemes Would Make Keynes Happy

By Caroline Baum / Bloomberg
Jobs, jobs, jobs. Meet the new mantra, same as the old mantra. No longer will President Barack Obama be content to cite specious numbers about “jobs saved or created” as a result of last year’s $787 billion fiscal stimulus. Now he’s proposing $100 billion of new spending to “jumpstart job creation,” according to White House Budget Director Peter Orszag. It’s part of a $3.8 trillion budget for fiscal 2011, unveiled Monday, that projects a $1.3 trillion deficit next year, following a $1.6 trillion deficit this year. Spend money to save money. Spending dressed up as a jump- starter is still spending by another name.
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Posted by Editor at February 4, 2010 03:27 AM