PALO ALTO, Calif. — It is still too soon to gauge the full economic impact of U.S. President Barack Obama's implemented and proposed policies, but a preliminary read indicates limited short-term benefit at large long-term cost.
The administration is exploiting a crisis atmosphere to enact a vast agenda that would re-engineer the American economy — from autos and financial services to health care, energy and the distribution of income.
Obama outsourced the details of the $787 billion fiscal stimulus to Congress and, no surprise, the old barons of the House stuffed it with pork and social engineering. Several months later, only 4 percent to 6 percent of the funds have been spent, and the federal government is browbeating state governments.