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The ($50 Billion) Road to Serfdom

September 8, 2010
Ben Johnson
9/7/2010

The cornerstone of Obama’s Labor Day speech before a union audience was a $50 billion transfer of wealth from taxpayers to Big Labor. Porkulus 3.0 will not create jobs for years (if at all), but it will raise gasoline prices

Aside from taking time to feel sorry for himself, Obama unveiled a proposal to spend $50 billion on roads and infrastructure, which he promised “will not only create jobs immediately, it’s also going to make our economy hum over the long haul.”

His administration immediately admitted he lied. A senior Obama official, who would speak only anonymously, said: “We’re not like trying to put out an idea today that in October 2010, this is going to create a lot of jobs. This is not what this is.”

The Washington Times added, “Senior administration officials said measures for economic progress will take effect mostly in the long run and likely will do little to lower the 9.6 percent unemployment rate anytime soon.” (Emphasis added.) Even if it is passed, “Congress might not authorize funding for the six-year plan until after November and that no more jobs will be created until 2011.”

And now… the rest of the story. …..

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