The EPA just revealed revisions to the Cross-State Air Pollution Rule (CSAPR) that they say will give more flexibility to states for implementation of the rule. I applaud the EPA for finally admitting its errors in calculations and flawed methodology, but I am not sure about the motives behind this move. The EPA’s admission that they have to go back and make “technical corrections” to CSAPR highlights that the original rule was based on flawed math.

The EPA was in a rush to implement these rules and failed to consider the sweeping job loss that would result. There was a complete lack of consideration for the possibility that the information upon which the rule was based may have, in fact, been inaccurate. Now the EPA is citing incorrect assumptions for the “technical corrections.” Well, these “technical corrections” will do little to put to rest the fears of Texans who will potentially be out of work as a result of this rule.

The changes are very minimal, and they have only happened because the EPA was repeatedly called out for faulty calculations. But what is most troubling is that the changes do nothing to reduce the time crunch that Texas is under in order to attempt to comply with the rule by January 2012. With such an unrealistic timeframe to comply, jobs will likely still be lost. Donna Nelson, the Chairman of the Texas Public Utility Commission remarked that she “would be thrilled if they were to change their position or to give Texas the due process they were required to do under law, [but] it looks like they are tinkering around the edges, not making big changes.” (more…)

In today’s New York Post:

There was once a time when trouble in foreign markets, whether in Asia or as now in Europe, would be good for US stocks.

Sure, our markets can get hammered when news like the 1997 Asian currency crisis hits. But we often make a comeback as investors digest the news and come to the conclusion that the best place to bet for future growth is on the companies at the heart of the US economy.

No longer.

And it’s not just the zero-percent job growth and 9.1 percent unemployment we’ve got now.

The mainstream business media will tell you that the problem lies in the “dysfunction of Washington.” In other words, the economic slump and all the market turbulence, including yesterday’s 100-point drop in the Dow, stem from a bipartisan cause — lawmakers and President Obama can’t manage to craft a sensible plan to grow the economy.

But talk to enough investors, and they’ll tell you this isn’t really a bipartisan problem. Rather, it largely remains at the top, meaning with Obama and his economic advisers — who, when they aren’t threatening to raise the taxes of “millionaires and billionaires” who make just $200,000 a year, are offering up the leftovers of previously failed economic policies, such as this “infrastructure bank” gimmick that the president plans to unveil in what’s being billed as a major economic speech later in the week.

(more…)

President Obama’s hometown of Chicago is nearly 1,000 miles from the Gulf of Mexico. But like many other communities across the country, it is suffering the consequences of his Administration’s anti-drilling agenda.

Illinois accounted for $376.2 million in shallow-water drilling expenditures over the past three years, according to an analysis by 14 oil and gas companies that spend money on vendors and subcontractors. The bulk of that money—$242.2 million—was spent in the Chicago district represented by Representative Danny Davis (D–IL).

It’s fresh evidence that Obama’s anti-drilling agenda is having a ripple effect across America since last year’s oil spill, claiming jobs not just in Louisiana and Texas but also in communities far removed from the shipyards in the Gulf of Mexico.

The study from the Shallow Water Energy Security Coalition paints a picture of the nationwide economic ramifications. Obama can’t even be blamed for playing politics. Five of the states that benefit most from shallow-water drilling backed him as a candidate in 2008. And Democrats represent many of the congressional districts that stand to lose millions.

The cost in jobs is startling. A new analysis by Louisiana State University professor Joseph Mason projects national job losses at 19,000 from the drilling moratorium, with wage losses at $1.1 billion. About one-third of those jobs are located outside the Gulf region.

Nearly a year after imposing his anti-drilling agenda, it’s quite clear that Obama is carrying out misguided policies causing widespread harm.

And job losses aren’t the only consequence. The Obama Administration’s deliberate delay in issuing permits for both deepwater and shallow-water drilling has led to a sharp decline in oil production for the Gulf of Mexico this year. The U.S. Energy Information Administration puts the figure at 240,000 fewer barrels every day.

With gas prices hovering around $3.56 per gallon nationwide, now is not the time to lower production. The only way to reduce America’s dependence on foreign oil is to produce more of it here at home.

The recent approval of new drilling permits for the Gulf of Mexico is a welcome and long overdue move by the Administration, but it’s nothing to celebrate. The pace of permitting is far below the historical average, and there’s no indication that the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) has any desire to return production to a pre-spill level.

Until that happens, expect more grim news like the unfortunate circumstances facing Seahawk Drilling, which was forced to declare Chapter 11 bankruptcy, a direct result of the bureaucratic delays at BOEMRE. Seahawk’s president and chief executive Randy Stilley, writing in The Washington Post, painted a dire picture:

The government’s drastic slowdown in the issuance of permits for shallow-water drilling operations—in which companies work in familiar geological formations, typically in less than 500 feet of water, mostly seeking to produce natural gas—has all but crippled the industry. The survivors (for now) like Hercules are staying afloat largely thanks to revenue from operations outside U.S. waters. Put another way, a once-proud industry born in the gulf during the Truman administration can no longer survive on operations in its own back yard.

Unless things change soon, Seahawk Drilling won’t be alone. Businesses located in Illinois, Pennsylvania, Wisconsin, California, and New York—top recipients of shallow-water drilling spending—will all face economic consequences as well.

It’s time for lawmakers to take notice. Representative John Sullivan (R–OK), who represents a district with $87.2 million in shallow-water expenditures over the past three years, recognizes the impact. He told us: “Continuing to keep American sources of energy under lock and key by failing to issue drilling permits only serves to place American jobs at risk, drives up costs at the pump and deepens our dependence on foreign oil.”

Things don’t have to be this way. The House of Representatives must continue to conduct rigorous oversight of the Obama Administration, challenging the Administration’s excuses and applying pressure when necessary. America’s energy future depends on it.

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In today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by the one and only Michael Barone to discuss next week’s election. We’ll also touch on job losses from Obamacare.

We’re brought to you as always by BigGovernment.com and Stephen Clouse and Associates. You can subscribe to the podcast by following the links above, and if you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

Congressional Report: Obamacare Costs America Nearly 800,000 Jobs
Michael Barone: The Trouble With Big, Bossy Government
Michael Barone: Our Country, The Shaping of America
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Corporate profits are at all-time highs and bond rates in the Treasury market are virtually at record lows. That’s a good combination for stocks, and it helped trigger a 255 point rally in Wednesday’s trading. What’s more, a surprisingly positive read on the ISM August manufacturing report delivered a strong blow to the double-dip recession pessimism that has plagued investors for many months.

Without question, the jobs picture is going to remain cloudy. There’s just too much uncertainty over the economy and the tax-and-regulatory threats coming out of Washington. Businesses can’t be sure about the costs of hiring. Meanwhile, over in housing — our other weakest sector — an inventory glut threatens further price declines.

But make no mistake about this: Businesses, at least the publically owned ones, are in very good shape. U.S. firms scored a record $1.2 trillion in profits during the second quarter and are sitting on roughly $2 trillion in cash. Our private-sector companies are resilient, and they have recovered significantly from the economic plunge.

And while their hiring is still behind schedule, they have begun the process of investing in equipment, software, and other capital goods. Business investment in the June quarter rose 16 percent above year-ago levels. This is all to the good. Healthy businesses are crucial to the stock market as well as the overall economic outlook.

In fact, since 2001, business profits have doubled, even while the stock market dial has hardly moved. If Washington can just keep its paws off of business and let market processes work, firms will continue to prosper domestically and internationally and will eventually pick up their hiring.

(more…)

The economy is suffering from something like a summer swoon. In the words of business columnist Jimmy Pethokoukis, the recovery summer has gone bust. We all know this from the sloppy statistics coming in for jobs, retail sales, and most recently manufacturing. But market-based indicators are telling the same story.

Let’s start with the Treasury bond market. Yields have fallen to 2.6 percent today from 4.1 percent last April. Decomposing this Treasury rally shows that real yields have dropped 79 basis points, which is a signal of lower economic expectations.

Meanwhile, inflation break-even TIPS (Treasury inflation-protected securities) have fallen 64 basis points, showing that price expectations also have dropped. The consumer price index is only rising 1 percent over the past year. And long-term inflation fears have fallen all the way to 1.7 percent. It’s not deflation. It’s disinflation.

The corporate-bond market shows a similar decline of economic-growth and profits expectations. Credit-risk spreads are widening. The spread between investment-grade corporate bonds and risk-free Treasuries have widened 62 basis points, while higher-yielding junk-bond spreads have increased 138 basis points.

Now, all these bond-market indicators don’t tell us a whole lot about the future. But they are corroborating the summer slump in the present. Lower inflation is a good thing, but lower growth is not.

And here’s another hitch in the story. Using the break-even TIPS, the Federal Reserve’s zero target rate is really minus-1.7 percent, which is the same sort of negative real interest rate we had in the early and mid-2000s. This is undoubtedly why Kansas City Fed president Thomas Hoenig is worried about a new boom-bust cycle.

(more…)

Back in February 2010, Democrat House Speaker Nancy Pelosi promised the American people that approximately 400,000 jobs would be created due to the passage of the healthcare bill.

Remember Pelosi promised this:

Speaker Nancy Pelosi at the health summit: “It’s about jobs. In it’s life, it [the health bill] will create 4 million jobs — 400,000 jobs almost immediately.”

Well, it’s almost November and the economy still hasn’t gotten any better and we have no evidence of those jobs being created.  I can only assume that she didn’t mean this either:

The irony of accountability indeed.  Americans are still asking and the rhetoric is not resonating.  So, Speaker Pelosi, where are the jobs?

It’s not a matter of rhetoric, it’s a matter of the American dream being shattered for so many hard-working Americans as a direct result of Obama’s entitlement-laden, job-killing policies.  Such a boastful result when the Democrats fight for “working Americans” as they say–specifically referencing unions.

(more…)

From the UK’s Daily Telegraph:

Can it get any worse for President Obama? Undoubtedly yes. Here are 10 key reasons why the Obama presidency is in serious trouble, and why its prospects are unlikely to improve between now and the November mid-terms.

1. The Obama presidency is out of touch with the American people

In a previous post I noted how the Obama presidency increasingly resembles a modern-day Ancien Régime, extravagant, decaying and out of touch with ordinary Americans. The First Lady’s ill-conceived trip to Spain at a time of widespread economic hardship was symbolic of a White House that barely gives a second thought to public opinion on many issues, and frequently projects a distinctly elitist image. The “let them eat cake” approach didn’t play well over two centuries ago, and it won’t succeed today.

2. Most Americans don’t have confidence in the president’s leadership

This deficit of trust in Obama’s leadership is central to his decline. According to a recent Washington Post/ABC News poll, “nearly six in ten voters say they lack faith in the president to make the right decisions for the country”, and two thirds “say they are disillusioned with or angry about the way the federal government is working.” The poll showed that a staggering 58 per cent of Americans say they do not have confidence in the president’s decision-making, with just 42 per cent saying they do. (more…)

From the Associated Press:

The employment picture is looking bleaker as applications for jobless benefits rose last week to the highest level in almost six months.

It’s a sign that hiring is weak and employers are still cutting their staffs.

First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. Analysts had expected a drop. That’s the highest total since February.

Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.

(more…)

Earlier this season, Team Obama launched a PR offensive designed to convince Americans that a real economic recovery was underway. They called it ”Recovery Summer!” Note the exclamation point. They wanted you to really, really get that they believed we were in “recovery.” It wasn’t just a ”recovery.” It was “Recovery Summer!”

We should have known it was all illusory quackery when they wheeled out Joe Biden to talk it up.

Today we learn that the “recovering” economy shed 131,000 jobs last month, the second straight month of falling employment. More and more temporary census jobs ended, and the private sector added a paltry 71,000 jobs, far fewer than most expected. In more bad news, the government revised payrolls for May and June to show 97,000 FEWER jobs than originally reported.

All of the arrows are down.

For the $1 trillion-plus that the Democrats have spent trying to “create jobs” and “stimulate the economy,” this is where we are: job losses, not job creation; a formal 9.5% unemployment rate with the real unemployment rate at 18%; stagnant growth; and an exploding deficit and national debt.

Heckuva job, Obama, Pelosi, and Reid.

(more…)

With the disappointingly soft jobs report for July, and a faltering recovery overall, is Team Obama getting ready for some sort of new, liberal-left, Keynesian, big-bang stimulus package? Will they be desperate to “do something”?

Already there are rumors of an August surprise (to use the phrase of business columnist Jimmy Pethokoukis) where Fannie Mae and Freddie Mac forgive underwater mortgages held by millions of Americans. And with state and local government jobs having fallen 169,000 year-to-date, perhaps the Democratic Congress and the White House will seek an even bigger spending plan for teachers and Medicaid workers — on top of the $26 billion plan that just passed the Senate.

Or maybe the Democrats will come up with a new infrastructure-spending bill, perhaps for green technologies and whatnot. Or maybe they’ll extend unemployment benefits even more. My liberal friend Robert Reich is even talking up the New Deal’s Works Progress Administration (WPA), where the government employed millions during the 1930s.

With the announcement this week that Council of Economic Advisers chair Christy Romer will leave the White House to go back to teach at Berkeley, it looks like the center of economic gravity will shift leftward inside the West Wing.

Meanwhile, over at the Fed, it seems ever more likely that the FOMC meeting next week will produce a much more dovish policy statement, one that will lengthen the “extended period” near-zero-interest-rate language and hint at new cash purchases of Treasury and mortgage bonds to increase the central bank’s balance sheet and expand the basic money supply. Already, in recent weeks, the dollar has been plunging.

Of course, Republicans will push harder to keep the Bush tax cuts for the wealthy — as they should. But Democrats are now trapped by Treasury man Tim Geithner’s statements that extending low tax rates for successful earners, investors, and small businesses would actually imperil economic recovery. This is his war against investment and capital formation.

(more…)

In a visit to Washington, D.C., yesterday, a group of about fifty energy industry workers and representatives from the Gulf of Mexico area told lawmakers, reporters and bloggers that if the Obama administration and Congress are serious about creating and saving jobs, they will lift the moratorium on energy exploration in the Gulf.

The workers were joined by Sen. John Cornyn (R-Texas) and former Rep. John Peterson (R-Pa.), outspoken opponents of both the moratorium and tax changes proposed by Democrats that opponents charge would hammer the energy industry.

Thomas Pyle, President of the American Energy Alliance, a group focused on maintaining energy industry jobs in the Gulf area said in a statement, “In an economy like this, the President and Congress should be looking for ways to strengthen U.S. businesses, not weaken them.”

Several of those who traveled to the Hill for meetings with members of Congress say they are suffering financially in the wake of the moratorium’s imposition, and that layoffs and business closures will be unavoidable should it remain in effect.

“My job matters,” said Thomas Clements, co-owner of Oilfield CNC Machining in Broussard, Louisiana. “So I’ve come to Washington to find somebody to hear me, to see my hopelessness, my no-man’s-land that I’m in because of these proposed tax changes to the energy industry and the moratorium.”  Clements elaborated, saying that he had planned to hire more workers this year, but the six-month moratorium on drilling has halted those plans.  All orders for new metal parts used in drilling have been canceled and no new orders are anticipated, said the small businessman, who questioned how his business could survive for the full six months of the moratorium during a lunch attended by Washington, D.C.-based reporters and bloggers.

(more…)

The Associated Press has a story this morning called “Unemployment challenges Obama’s economic narrative.” No kidding.

I never get tired reminding stimulus advocates that before the stimulus bill was passed, the president scared the bejesus out of many people by claiming that if the Stimulus bill wasn’t passed, unemployment would reach 8.8 percent. Also, his team promoted the idea that the stimulus would create 3.3 million jobs (not just saved). They even had numbers and a model to prove it.

So the president got his cash, $789 billion which grew to $862 billion, and unemployment kept going up. It even passed 10 percent at one point and is now stagnating at 9.7 percent–where it’s scheduled to stay for a while.

And it’s not the only “job bill” that was passed. There was one in March 2020 ($18 billion) and another one in April 2010.

By the president’s own logic, the stimulus failed. That’s why he  has shifted his argument. Sure, the economy lost jobs, he now says, but without the stimulus it would have lost nearly 2 million more jobs. How you go about proving that this is not true is impossible and this is why it’s not powerful. It doesn’t make it right.

(more…)

The US economy remains in a tepid stage at best – subject to a multiple dip recession at worst.  Unemployment is high and private sector jobs are taking longer than usual to rebound.  Even the Obama Administration is forced to admit unemployment will be high for a long time to come.   Starting two years ago this July, I said if Obama was elected President, we would have a difficult economy, at best, for at least six years.  Unless our governments, federal and state, make a concerted effort to change the economic psychology facing Americans today, that prediction can’t help but come true.

There is no question that the American economy is in bad shape.  Unemployment has only been this high one other time since World War II, i.e. in the 1980’s.  Recessions similar or deeper than this recession occurred in 1918, the Great Depression, the 3 recessions of the 1950’s, and the stagflation of the late 1970’s and early 1980’s.

Recessions of this magnitude take on a life of their own because both businesses and consumers are plagued with doubts – doubts about future government policy, doubts about consumer spending, doubts about the prospects for future investments.  Those doubts literally diminish future economic activity as investors and consumers favor caution over investing and spending.  The psychology of larger recessions exaggerates downturns as fears mount.  That Psychology of Doubt delays recoveries in ways that cannot be measured by statistics alone.

In order to break that Psychology of Doubt, it takes bold action on the part of governments – not half measures or technical adjustments.  Indeed, each of those recessions did not end until there was a dramatic change in the government policy – usually a change to the very policies that drove our economy into the ditch in the first place – excepting only World War II’s effect on the Great Depression.

(more…)

Economist John Tamny has a piece in Forbes, “The Paradox Of A ‘Giving’ Government”, detailing the new, stepped-up emphasis by business on getting cozy with Washington, and how and why it pays off. In it is a very disturbing example of why we should expect at best weak and highly dispiriting pushback from Republicans when Obama finally gets around to following through on his telegraphed Plan B for the “global warming” agenda, “green jobs”.

“Rep. Paul Ryan, R-Wis., presently a darling among Republicans for his pro-growth policies, has long made known his dislike of the 2009 Obama stimulus plan as a ‘wasteful spending spree.’ Nice rhetoric for sure–and as it turns out not very pure. In October 2009 the congressman wrote a letter to Labor Secretary Hilda Solis in favor of a grant application in his district, which, according to Ryan, would ‘place 1,000 workers in green jobs.’”

That’s pretty stomach-turning, when you consider the source. The government can give us nothing that it has not taken from us. The government cannot give your favored constituencies anything it has not taken away from others. The politics of envy have never been as strong in the United States as in Europe – which fact has given us a chance over the decades, but it appears to be a dwindling chance.

And no one who attended any appreciable part of CPAC this past weekend has any time for the philosophy that these are just the accommodations that one must make to stay here and do good work.

(more…)

Last summer, I released a web video targeting Washington Democrats’ trillion-dollar “stimulus” bill and asking “where are the jobs?”  Today, on the one-year anniversary of President Obama signing the “stimulus” into law, job-sniffing GOP bloodhound Ellie Mae still hasn’t found any jobs “created or saved” by the “stimulus.”  And I’m re-releasing the video for an encore performance.

The video features a down-home voiceover by Rep. Lynn Westmoreland (R-GA), and concludes with an appearance by me and Ellie Mae herself.

When Democrats rushed their massive 1,100 page, “stimulus” through Congress last year, they promised that unemployment would not rise above eight percent and that job creation would begin “almost immediately”.   But one year later, more than three million more Americans have lost their jobs, the deficit is set to hit a record shattering $1.6 trillion, and Administration reports on how many jobs were “saved or created” have been “riddled with inaccuracies and contradictions.”

By the metrics the Democrats themselves set, the “stimulus” hasn’t worked – it’s chock-full of wasteful government spending that’s funneled money to Congressional districts that don’t exist and claims of jobs “saved or created” were so exaggerated that the Administration quietly abandoned the metric at the end of last year.

(more…)

Last week, the Huffington Post (here) was all over this  new study showing that low-income workers got hit more severely during the recession than high-income workers (low-income workers suffer an over 30 percent unemployment rate, workers making about $138,000, only a 3.2 percent.)

The data in this study, which turned out to be quite misleading, certainly makes for nice populist headlines. But it is hiding the true debate that we should be having. And that’s not that low-skill workers are vulnerable to recession (duh) but that public-sector employees still have jobs and private employees don’t.

Look at the data:

In this chart, I compare seasonally adjusted unemployment rates across segments of the economy, dividing these segments using the super-categories designated by the Bureau of Labor Statistics. The chart compares the unemployment rates in January of 2009 (blue) with the unemployment rates in these same sectors a year later (yellow). (FYI, the difference would be even more dramatic if I had used not seasonally adjusted data)

In both years, the unemployment rate within the government has been small relative to the level of unemployment within the entire economy, and particularly so relative to the private sector.   In the course of a year, government employment has decreased by 296,000 jobs to 4.3% unemployment; during the same period, employment in the private, non-agricultural, sector has decreased by 2.3 million jobs to 11.1%. (And if you look at not seasonally adjusted unemployment data, the lose of private jobs reached 3.1 million and the lose of public jobs is roughly 70,000. That’s quite a gap.)

(more…)

Politics is a game of addition – successful politics anyway.  Great leaders, when faced with a divided electorate, not to mention difficult economic times, use a limited agenda to forge consensus out of broken paradigms.  Once they achieve an initial success, they seek a broader consensus.  In the 1980’s Reagan faced a divided Republican Party and a fractured and dispirited nation.  Concentrating on the prosperity issue and our national prestige, Reagan first brought Republicans together and then independents and even many Democrats.  Indeed, so successful was Reagan at bringing people together, that in time he could rely on a group of Reagan Democrats.  Few other Presidents have had such success at building consensus let alone are able to claim a voting block from the other party in their name.

There is little doubt that Obama faced a divided electorate when he first took office and a difficult economic climate.  Rather than start with a limited agenda designed to build consensus, Obama did the opposite.  Obama chased too many rabbits at once and preferred ideological fights over practical solutions.  As a result, the Country is more divided than ever – not less.

The most recent manifestation of that divisive M.O. is the White House’s amazing decision to insist on a terror trial in New York.   Of course, it remains a jarring ideological decision to treat KSM as a “criminal” versus the warring “terrorist” that he is.  As I wrote, in my article Internment, CSI and Eric Holder’s Disarming of America, that decision will have profound negative consequences for decades to come.  To the point of this article, Obama is compounding his initial divisive decision (treating him as a criminal) by fighting with New York over the place of the trial.  It is a political fight which he cannot win regardless of the outcome of the trial.

(more…)

This morning after our weekly conference meeting I joined other House Republican leaders at a press event to discuss President Obama’s State of the Union address tonight.  What I told the press gathered in the U.S. Capitol this morning is that tonight, President Obama needs to prove he’s listening to the American people.  It’s not the message, it’s his job-killing policies.  The President must do more than rhetorically ‘pivot.’  He must scrap his job-killing agenda and work in the bipartisan way he promised during the campaign.

The American people don’t want this government takeover of health care, and it’s time to put it out of its misery. No more tricks.  Instead of just a half-baked spending freeze, how about real budget caps that can be enforced?  And instead of more government ‘stimulus’ bills, we need real solutions to help small businesses create jobs.

Last Friday, on a visit to my home state of Ohio, the President complained about this “buzzsaw” of opposition his health care bill faced.  But what you call a buzzsaw, Mr. President, I call the American people.  They’re saying ‘enough is enough’ to this big-government, job-killing agenda.  And they’re asking “where are the jobs?”  So we’re going to listen to the President, but we’re also going to continue to hold him accountable and offer our better solutions.

(more…)

President Obama’s advisers assure us that he will use his State of the Union address tonight to deal with our nation’s ailing economy. Americans have already begun to hear talk of a “hard pivot” at the White House, away from health care and towards jobs.

Yet in economic terms, the president’s shift thus far has been more of the same: more government control and less individual freedom.

His attacks on banks—including a new tax that will invariably be passed on to consumers—caused stocks to plummet last week. He has targeted some banks for being “too big,” but without ending the costly policy of “too big to fail,” which removes the discipline of risk and reward. He crowed, “We want our money back,” but wants to use “our” money for his own spending programs, not for tax relief.

The central idea of the President’s new plan appears to be shaping up as a jobs program, in imitation of FDR’s public employment programs during the Great Depression, and funded by new taxes on Wall Street.

The plan is not about job creation—more jobs could be created by the private sector—nor is it about recouping the bailout. It is primarily about redistribution—and is based on old, bad ideas.
(more…)