Too bad. I would have told him for free.
The Obama administration was forced to revise first-quarter GDP growth downward, from “puny” to “wobbly” – a move which simultaneously dropped opinion of the stimulus bill to “in the toilet.”
Poor President Obama. Ever since inauguration day when he promised to “begin again the work of remaking America,” he has faithfully toiled taking out loans in our grandchildren’s names and shoveling the money into bureaucrat’s coffers.
All that hard work and nothing to show for it. But who could have known?
Well… lots of people. Because there is considerable historical evidence that legions of government busybodies stimulate the free market about as well as a million ticks stimulate a zebra on the Serengeti.
Rick Santelli explained on CNBC’s The Call yesterday why government interference with the laws of the marketplace compromise productivity.
“I mean, the notion of stimulus is you want capital in the system, but when you have artificial stimulus, you give capital to the people that aren’t really creating an expansive employment scenario or creating something that’s actually positive for a society,” Santelli said. “What you end up doing is putting capital to businesses that on their own couldn’t get capital and that’s for a reason. The market didn’t allocate it because they didn’t deserve it.”
The whole discussion is enlightening. Hat tip to Newsbusters.