In a major address, she recycles Obamanomics and proves herself to be very “shovel ready.”
Hillary Clinton is playing the American voters for fools. Her much-anticipated economic policy speech on Thursday was full of fluffy rhetoric and ideas to rebuild the middle class that are reruns of Barack Obama’s promises of eight years ago — the same Obama agenda that has tanked the middle class.
More than $750 billion was spent — or more than twice (after adjusting for inflation) what Dwight Eisenhower spent to build the interstate highway system.
The result: the worst jobs recovery in 75 years, flat wages, an unemployment rate of close to 10 percent (when correctly measured), and yet our roads are still in terrible shape. What happened to the money? A lot of that “infrastructure stimulus” went instead for food stamps, unemployment benefits, green energy, and Medicaid spending. It turns out there were fewer jobs with all that spending than the White House predicted we would have if we hadn’t spent and borrowed a dime.
Hillary even dredged up the tired Obama soundbites circa 2008 of creating more “clean energy jobs,” which was a slight variation of the “green energy” jobs Obama promised. Instead, we got Solyndra and multiple other embarrassing business bankruptcies as the government kept picking losers. We’ve already spent $150 billion on “clean energy” and it supplies a meager 4 percent of our power.
The House Oversight Committee found that some of the programs spent more than $1 million for every job created. Meanwhile, one of the cleanest and most reliable energy sources, natural gas, Hillary and her green allies oppose.
Hillary is hoping that trillions of dollars of new government spending will lead to 10 million new jobs. It’s the same old Keynesian non sequitur of a “multiplier effect.” It’s a deranged logic. The government spends a dollar, and the money recirculates throughout the economy and… presto… the economy spits out $2 or $3 of increased output. The more the government spends and borrows, the more the economy grows, according to Hillary’s economic mindset. She keeps leaving something out the equation: before the government spends a dollar, it has to take a dollar from us (taxpayers). So there is no multiplier effect. The hocus pocus doesn’t work. Just look at Japan, which has tried multiple infrastructure programs to revive its moribund economy that have only prolonged stagnation.
She is promoting many other dead ideas. Raise the minimum wage to $12 an hour? This will mostly price young Americans out of the workforce entirely, as research from the Heritage Foundation has documented. Most hurt will be young black males. Their unemployment rate is already 25 percent. Why make it worse? Incidentally, the minimum wage has been raised three times since 2007.
She also proposes to make the “tax code fair” by taxing the rich. She wants to raise the capital gains tax, which will make small businesses smaller.