Larry Summers, Chairman of President Obama Council of Economic Advisers and former President of Harvard, works pretty hard at spinning the disaster known as Obama’s stimulus package. This is the stimulus package that, according to Obama’s own predictions, has not done as well as doing nothing would have done. Here are some Summers quotes as reported by Fox News.
“We were at the brink of catastrophe at the beginning of the year but we have walked some substantial distance back from the abyss,” [Unemployment now at 9.5 percent].
“As of May, the tax cuts, fiscal support for state and local government and family assistance programs in the Recovery Act have boosted disposable income by nearly 2 percent. … Hits (on Google) for ‘economic depression’ have returned to baseline levels,” [That’s right, hits on Google are used as evidence of success]
Ultimately though it’s all for naught if we don’t adopt Obama’s health care reform.
“Without comprehensive health reform, there is little prospect of convincing markets that the long-term growth in federal debt is under control or of convincing businesses that the United States is the most competitive place for them to invest,”
Funny, back in January we were never told that the success of the $800 billion stimulus all came down to socializing the health care system.
