You have to wonder who’s advising Democrats these days. With the economy stuck in a two-year, Obama-dug rut, their only new economic growth idea is to raise taxes and hike federal spending.
According to The Hill, Democrats are so frustrated with President Obama’s “passivity on the economy” that they’re actively working on a fresh stimulus package that would include significant new spending on roads and other infrastructure, paid for by closing various tax loopholes.
Sen. Tom Harkin, D-Iowa, told the publication that “the last election was about jobs and the economy, and now we’re in a position where we really do need some economic pump-priming by the federal government.”
Has Harkin been asleep for the past two years? Doesn’t he remember that Democrats already pushed through $830 billion worth of “pump priming”? And that this was supposed to stimulate growth and hold unemployment under 8%?
Instead, quarterly GDP growth has averaged an anemic 2.8% since the recession officially ended two years ago, and unemployment has been at or above 9% for all but two of the past 24 months.
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