Economists sometimes use the “dig hole / fill hole” scenario as a way to illuminate a point. John Maynard Keynes, the Guru of Demand Side Economics used the example himself in his writings, though not as a serious remedy for anything, but rather as a springboard for analyzing ways to stimulate employment and demand.
Fast forward to today. Have you been on a road-trip lately? Remarkably, the Obama economic policy appears to be one of digging holes, and then filling them in again. Here’s how it works: First they dig the existing pavement down about 2-3 inches, and then they fill it right back in with 2-3 inches of hot, smelly, new asphalt. The road ends-up almost exactly the way it started, only marginally smoother. Meanwhile, we are all stuck in grid-lock while this make-work proceeds at a union-mandated snail’s pace. No wonder many Americans have given up looking for work entirely and just settle for the 99 weeks of unemployment checks. They can’t possibly drive around and look for work, much less get to their first day on-time!
Tomorrow Obama will announce that he wants to double-down on this losing bet with a new stimulus plan of 50 billion borrowed dollars aimed at, surprise surprise: re-surfacing roads, runways, bridges and tunnels. Is this dude serious?
Now that the idiocy of his economic plan has been revealed by the numbers, Obama himself is dropping like asphalt in the polls. Apparently his support was much like the holes being dug on the roadways: miles wide, but only 2-3 inches deep.