Big Spending Obama is Back Today
Conn Carroll /
Yesterday President Barack Obama asked his cabinet to make a total of $100 million in cuts among their departments. That was “fiscally responsible” President Obama. We like him. We just wish we got to see him more often.
Today, “reckless spending” President Obama is back at work, following through on his G20 summit pledge to loan $100 billion for world wide stimulus. Heritage fellow Terry Miller explains why such stimulus is a bad bet:
It is a spectacularly bad and high risk idea to pour vast new sums through failed or failing institutions. And that is what the IMF and World Bank are. Both have a woeful record of meeting their chief missions of, respectively, spurring economic development and encouraging responsible economic policies by recipient governments and seeing them through financial crises. (more…)