In his weekly radio address, President‐Elect Obama regurgitated some typical nonsese about how everyone “across the political spectrum” agrees that the burden of government spending should increase and that this somehow will “stimulate” the economy (for an explanation of why this is nonsense, see here). Perhaps the most disturbing aspect of his radio address, though, is that he says he wants to create three million new jobs, eighty percent of them in the private sector. I’m no math genius, but 20 percent of three million works out to be 600,000 new bureaucrats to harass the American people. This is hope and change?
Economists from across the political spectrum agree that if we don’t act swiftly and boldly, we could see a much deeper economic downturn that could lead to double digit unemployment and the American Dream slipping further and further out of reach. …we can’t just fall into the old Washington habit of throwing money at the problem. We must make strategic investments that will serve as a down payment on our long‐term economic future. We must demand vigorous oversight and strict accountability for achieving results. And we must restore fiscal responsibility and make the tough choices so that as the economy recovers, the deficit starts to come down. That is how we will achieve the number one goal of my plan—which is to create three million new jobs, more than eighty percent of them in the private sector.