But Obama was only getting warmed up. His major howler was this:

So then you get the argument, well, this is not a stimulus bill, this is a spending bill. What do you think a stimulus is? (Laughter and applause.) That's the whole point. No, seriously. (Laughter.) That's the point.

Under this "logic," any bill that contains spending should be enacted because, by definition, it provides "stimulus." It doesn't matter how much stimulus is provided or when the stimulus will occur. This is quite possibly the most irresponsible position ever taken by a president on an economic issue.

I know telling the blogosphere to read Powerline is like telling a fish to swim. But read anyway. I heard this quote while on KNSI this morning and I am very glad my mic was off.

Meanwhile, this howler:

Thirty-six out of 41 Republican Senators voted for the proposed DeMint amendment to the stimulus bill � a massive package of permanent tax cuts that would create a huge hole in the budget, while doing very little to help the economy.

Yoo-hoo, Mr. Nobel Prize Guy?

CBO and JCT estimated that the version of H.R. 1 that was passed by the House of Representatives would increase deficits by $526 billion over the 2009-2010 period and by a total of $820 billion over the 2009-2019 period.

Source. While quite possibly not creating enough growth to pay for itself.

Labels: economics, Obama