Morning Bell: The Road to Recovery Begins with the End of Obamacare
Conn Carroll /
When President Barack Obama was trying to sell his $787 billion economic stimulus plan to the American people, there was no louder cheerleader for the plan than Mark Zandi of Moody’s Economy.com. Zandi confidently produced scientific tables purporting to prove that for every $1 the Obama administration gave to states, GDP would grow by exactly $1.36. Zandi later produced an analysis claiming that Obama’s stimulus would create 2.2 million jobs.
But as millions of Americans now know all too well, Zandi was very, very wrong. President Obama’s stimulus has completely failed to create any jobs and instead has witnessed more than 4 million jobs lost in 2009. Commenting on the state of the U.S. economy, Zandi now tells USA Today: “It’s getting increasingly unusual that we’re not seeing a hiring kick set in.”
If Zandi and his allies on the left want to figure out why the economy is not creating any jobs, they need to put down their failed Keynesians formulas and talk to real business owners and executives. Executives like Dan DiMicco, CEO of steelmaker Nucor Corp, who told the Wall Street Journal: “Companies large and small are saying, ‘I am not going to do anything until these things — health care, climate legislation — go away or are resolved.'” Or Porta-King CEO Steve Schulte who tells USA Today his company is not investing because “proposals in Congress to tackle climate change and overhaul health care would raise costs.” These businessmen have every right to be worried. As we’ve detailed before, the Senate Health Bill currently being debated in the Senate would be a disaster for the U.S. economy: (more…)