As President Obama travels around the country at taxpayer expense to peddle his newest stimulus proposal, his Council of Economic Advisors has yet to release its 8th Quarterly Report on Obama’s first stimulus — you know, the one that cost a cool $787,000,000,000.00. Perhaps this is just a coincidence.
Or perhaps Obama figures that his sales pitch will go over better if people are encouraged to forget about his prior legislation, which has done a tremendous amount to take us deeper into debt and little if anything to spur economic growth. In fact, with Obama at the helm, we’ve experienced by far the weakest recovery from a lengthy recession in the past six decades. According to official government figures, average real quarterly GDP growth under Obama has been just 2.4 percent in the first two years (yes, it’s already been that long) since the end of the 2008-09 recession. That’s compared to an average of 6.2 percent during the six prior recoveries from long recessions and 4.7 percent during the weakest of those prior recoveries.
In their “7th Quarterly Report” (released on July 1), Obama’s own handpicked Council of Economic Advisors indicated what a colossal waste of Americans’ resources Obama’s first “stimulus” had been. They published an estimate showing that, for every $278,000 that had been spent on the “stimulus” at that point, only one job had been added or saved. The administration subsequently claimed that the “stimulus” wasn’t really just about creating jobs — something of an irony given what Obama calls his latest stimulus proposal — but it apparently also wasn’t about creating economic growth. (What it was really about, of course, was paying back public sector unions for their support of Obama’s candidacy.)
None of the seven prior quarterly reports were delayed this long (they were all released within three weeks of the end of the subsequent quarter). It’s no wonder, however, that the administration doesn’t seem too eager to release another report on Obama’s first 12-figure stimulus. Better to let the president talk about his newest 12-figure stimulus and hope that Americans have short enough memories that they can be duped twice. One might even say that Obama’s whole reelection campaign rests on a similar hope.