by Peter Ferrara
President Obama achieved the historic downgrading of America’s credit rating the old-fashioned way. He earned it.
He came into office with federal spending already near an historic peak, with a percent of GDP at 20.7 percent and having increased by one-seventh during the Bush years. One year earlier Bush had joined with then House Speaker Nancy Pelosi to enact a pointless Keynesian stimulus package of $168 billion, which the record will show created exactly 0.00 jobs, and stimulated nothing but national debt.
Send In the Clowns
Barack Obama surveyed the continuing wreckage of the financial crisis, and decided to follow the advice of the reknowned economist Otter, “who famously said in ‘Animal House,’ this situation ‘absolutely requires a really futile and stupid gesture be done on somebody’s part,'” as quoted by Andy Kessler in Monday’s Wall Street Journal. [Read more...]