$787 billion. Plus interest. At downgrade – and thusly increased – rates.
Behold the American Recovery and Reinvestment Act of 2009 – the “Stimulus.” Brought to you by President Barack Obama, Senate Majority Leader Harry Reid, then-House Speaker Nancy Pelosi and their Congressional Democrat cohorts.

Passed in the panicked wake of the 2008 Community Reinvestment Act-Fannie Mae-Freddie Mac-government-induced global economic collapse. Because “you never want a serious crisis to go to waste.”
Passed, we were told, to create “or save” jobs. In places like non-existent Congressional districts.
Passed, we were told, to keep unemployment below 8%. How’d that work?
The unemployment rate when Obama took office was 7.6%. The stimulus was passed in February 2009. According to Obama, it was never supposed to go above 8% — well, it was already at 8.1% when the stimulus became a law. And it never got any better. According to the Bureau of Labor & Statistics, the unemployment rate remained high. There were some predictions that it would stay above 9% until 2012 (and this was from the White House no less). The CBO also predicts that the unemployment rate would be 8.2% come November 2012 which is higher than when he took office.
It worked swimmingly. Drowning-ly, actually.
As we said way back in February:
Government attempting to “assist” the private sector is the D.C. version of the elementary school game Red Light-Green Light.
If the government has given itself the Green Light – and is lumbering and lurching around the free market, blindly and ignorantly throwing around laws, regulations and money – the private sector freezes in place, afraid to move in any direction for fear of the next federal anvil to fall. The overactive government has thusly emplaced a Red Light in front of the private sector.
Rarely if ever has the federal government been more active than they have been these past two plus years. And as a result the private sector has been exceedingly timid – which explains why our “recovery” has been so pathetic – if not non-existent.
—–
Which brings us to the government “helping” the Internet.
(more…)