During his first nine months in office, Barack Obama pursued the most aggressive government expansionist agenda since Franklin Rooseveltâ€™s New Deal was launched in 1933. White House Chief of Staff Rahm Emanuel summarized Obamaâ€™s first-year game plan best, â€śAn economic crisis is a terrible thing to waste.â€ť So far, we have seen multi-trillion dollar bailouts in: housing, banking, insurance, auto industries, the stimulus plan, cap and trade, a $1.2 trillion health care bill, and of course, the $4 billion Cash for Clunkers program.
None of this has worked. Now, six months after the stimulus program began, we sit at 9.4% unemployment. Two million more Americans are jobless. The debt has exploded like a cork from a bottle of champagne. We are now told that the Obama agenda will cost $9 trillion in debt as it plans to spend $42 trillion over the next decade.
In this riveting broadside, Stephen Moore explains this rotten story of Washington arrogance and malfeasance, and reveals exactly why Obamanomics failed.