When President Obama took office in 2009, one of his very first acts was to sign the American Recovery and Reinvestment Act into law. But instead of an actual recovery, what we’ve received ever since has been an economy barely limping along, historically high unemployment and ever-more massive debt.
And despite years of big talk about jobs having been “created or saved”, cutting the deficit (ha!!), or endless “Recovery Summer(s)”, it’s been obvious for quite some time that his Keynesian plan didn’t work.
We’ve documented plenty of companies which have already gone under, too, despite their generous infusions of Government cash. Each one was problematic for a host of reasons, including:
- That taxpayer money could have been properly used elsewhere, or even (*gasp*) returned to the taxpayers!
- Government subsidies artificially distort the actual market and pricing of companies, as well as a company’s behavior.
- If a failing corporation can’t find investors or raise cash from the entire free market, …what makes the Federal Government think it knows better?
As evidence, we just discovered yet another 2009 Stimulus recipient gone under: a sawmill called Emerald Forest Product in Emmett, Idaho.
You’d think receiving $4 million in stimulus funding would be enough to help even a marginal business through at least a few years, especially after they’d been vetted by the Federal Government.
Or, … maybe not:
It’s not like Emerald was doing all that well from the outset, either:
“…It opened in 2010, but stopped running less than a year later. Vinson says he rushed to get started, and some equipment didn’t work right. A family illness took him home to Montana. Last year, he and his partners filed for bankruptcy protection…”
It’s examples like this that make me sincerely wish Obama would stay away from the economy altogether and just stick to stuff he’s good at.
You know: demagoguery, blame shifting, race baiting, campaigning, rabble-rousing, …that sort of thing.