Opportunity Cost

President Barack Obama was recently called upon to defend his track record of predictions made while selling his “American Recovery and Reinvestment Act” (ARRA) “stimulus” package.

interest ratesThe Congressional Budget Office (CBO) informed Rep. Paul Ryan, ranking Republican member of the House Budget Committee, that President Obama’s budget under-reported (and the CBO itself) the national debt in Obama’s budget by trillions of dollars by predicting unrealistically low interest rates on the national debt in a June 30 letter. Obama’s budget planned to increase the deficit from the current $11 trillion to more than $23 trillion. The CBO letter admits that those estimates may be optimistic by as much as $5.6 trillion.

At a United Nations climate meeting in Bonn, Germany, world leaders proposed a levy on long-haul air travel as a way to raise money to supposedly help less developed countries adapt to alleged anthropogenic (human-caused) “climate change.” If the proposal were to become reality, the United Nations would be able to supplement “contributions” from member nations with its own international tax, something world-government promoters have dreamed about for decades.

President Barack Obama’s director of the National Economic Council, Larry Summers, spoke at the Council on Foreign Relations on June 12. At the time of this writing, a video and a transcript were both available at the CFR website. The stated purpose was to present his “Reflections on Economic Policy in Time of Crisis,” but the theme seemed to be saving the free market from having too much freedom. He even credited socialist economist John Maynard Keynes with the “great insight” that the free market will supposedly fail to achieve a natural balance between supply and demand “two or three times a century, perhaps a little more.”

By some estimates, the U.S. has lost 6 million jobs during the current economic recession began in December 2007. Now, President Obama is planning to tap into the $787-billion stimulus package to create what his administration believes will be 600,000 new job