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Not Shovel-Ready @KeithHennessey

According to internal memos, the administration started out knowing these projects weren’t “shovel ready:”

If Mr. Lizza’s reporting is correct, over the objection of his economic advisors President Obama replaced $60 B of “highly stimulative spending” with a slow-spending but “inspiring” $20 B for high-speed trains and $40 B in pork for his Senate Democratic allies. And this is starting from a point at which he knew that his advisors thought that not more than $225 B of the $826 B total was high-quality, fast-spending, efficient stimulus.

This is damning stuff.  It means the President knew going in, and didn’t just “find out,” as he joked with Jeff Immelt, that “shovel-ready didn’t meant shovel-ready.”  It also means that the stimulus couldn’t possibly have worked as we were told it was designed, because it wasn’t actually designed that way.

Posted in Economics, Politics.

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