The Most Active Recovery Act Season Yet!
Ted Bromund /
As Mike Allen of Politico reports, Vice President Joe Biden has kicked off what the Obama Administration calls its “Recovery Summer.” According to senior adviser David Axelrod, “This summer will be the most active Recovery Act season yet.” It sounds like Axelrod has never heard the popular saying about what to do when you’re in a hole: stop digging.
As prominent Keynesian economist and director of the Earth Institute at Columbia University Jeffrey Sachs admitted last week, the Stimulus Act has already failed. And in failing, it’s created an even larger burden of debt. Indeed, that’s one reason why it failed. Businesses know that all the borrowing the government is doing will have to be repaid. The faster the government spends, the more nervous about the future businesses get, and the less eager they are to take risks that will create new jobs.