Obama Admits "Stimulus" Failed

It’s settled now. Barack Obama has come clean on his monstrous $787 billion “stimulus” package, acknowledging that it has been a complete bust. Not that we needed BHO to admit it. Since the enactment of “porkulus,” the number of Americans receiving unemployment checks jumped by nearly 2 million, while the number of Americans cashing paychecks plunged by almost 3 million. If that weren’t bad enough, the U.S. economy has been handcuffed with 16 straight months of unemployment lingering above 9%. A jobs bill it was not, Mr. President. And he’s finally saying as much, tacitly at least. Why else would he propose another round of multi-billion dollar expenditures to “create jobs” if his original one worked? He wouldn’t need to.

Any guesses on how much this latest spending spree, er, government “investment” will cost you?

Oh, no biggie: Just $50 billion more for “infrastructure.” In his Labor Day speech, BHO promised that the latest “stimulus” idea, if passed, would “rebuild 150,000 miles of our roads,” which, according to Barack’s arithmetic, is “enough to circle the world six times” and get America’s economy growing again.

Now where have we heard that line before? That’s right, the White House used the same canard about “infrastructure” to ram through the erroneously named, “American Recovery and Reinvestment Act of 2009.” In fact, when announcing the plan, the administration said the President “laid out a bold vision for renewing and expanding our transportation infrastructure” and even argued that a “significant portion of the new investments would be front-loaded in the first year.”

Vice President Joe Biden on the day the “recovery act” was signed, said the public works program would provide “more aid for the unemployed, create immediate jobs building our roads and our bridges, make long-term investments in a smarter energy grid, and so much more.”

Biden’s missing a frontal lobe, so nothing he says should be taken seriously. But here’s the truth about “infrastructure” spending: Less than 7% of the entire shebang ($787 billion) has even gone to the much-ballyhooed investments in roads, bridges, highways, etc. Only 7%, people! Moreover, there is still $275 billion of the original stimulus law that remains untouched, according to data compiled by Rep. Darrell Issa’s office. If the administration was truly concerned about the amount of funds flowing through Department of Transportation, they could re-direct the money that Congress has already set aside.

Instead, BHO craves more spending and more deficits.

In the same Labor Day speech, the President attempted to wax philosophical about the nature of a “job,” lecturing the crowd that a “job is about waking up every day with a sense of purpose, and going to bed each night feeling you’ve handled your responsibilities.”

But thanks to his failed presidency, Obama has Americans waking up every morning worried if today is the day they’re going to be handed a pink slip.