To give you one final example of what I am trying to get at, consider this. During the long and controversial fight to get Obamacare enacted many benefits of its passage were bandied about to try to convince the public that the plan wasn’t the stinker everyone thought it was. You know, like how it was only going to cost $1 Trillion (not true) and how it would reduce the deficit (not true) and how you could keep your plan if you like it (not true), but one of the major whoppers was put forth by none other than that most economically ignorant woman in Washington, our old friend Nancy Pelosi:
OK, so the geniuses who believe that they can plan the economy better than the private sector and who think they can run the health care system better than the private sector have come up with their plan. And according to their expert analysis, this culmination of all the finest Ivy League minds and elite leftist planners, Obamacare, will create four million jobs total and 400,000 new jobs “almost” immediately. Therefore, based partly on this amazingly excellent statistic, we should trust them to micromanage the economy and the health care system, right? I mean these people must know what they are doing and they really do care about us!
Lot’s of people believed that and bought into this proposition. But, guess what, as much as they’d like it to be, it just ain’t so. Here’s the head of CBO, Douglas Elmendorf to give us the bad news:
Let’s see, Nancy said that we’d gain four million jobs total and 400,000 jobs immediately and now the “gold standard” of numbers, the head of the CBO, says we are going to lose 800,000 jobs long term. Hmmm, let’s see, my third grade math says that’s a miscalculation by Nancy and Barry’s “experts” of 4.8 million jobs or an error of 600%. The error rate on that is astronomical. As for those 400,000 jobs almost immediately? Never happened. Do you still honestly think that these incompetent boobs can spend your money better than you can? Just asking…
Now, don’t get me wrong, there are many people of good intellect and good faith with reasonable and rational arguments that believe that government and its plans can create wealth better and more equitably than the private sector. After all, many highly respected Keynesian economists vouched for the Obama/Reid/Pelosi disaster of a stimulus and the likes of Paul Krugman actually did win the Nobel Prize in Economics. It is possible their theories about the wonders of government planning and income redistribution are right and that Supply Siders like me are totally wrong. But I will say one thing categorically. Theoretically the Keynesians could be right, but not these particular Crooks and Thieves who are practicing Annienomics. After all, they did tell us the stimulus was going to be just boffo! How’s all that Hope and Change been working out for ya?