Economic Obfuscation (and Absurdity)
I usually try to avoid out-right political posts, but this one involves an economically absurd statement by President Obama. In his speech on the Iraq war (transcript here), he said the following related to costs:
Unfortunately, over the last decade, we have not done what is necessary to shore up the foundation of our own prosperity. We have spent a trillion dollars at war, often financed by borrowing from overseas. This, in turn, has short-changed investments in our own people, and contributed to record deficits. For too long, we have put off tough decisions on everything from our manufacturing base to our energy policy to education reform. As a result, too many middle-class families find themselves working harder for less, while our nation’s long-term competitiveness is put at risk.
Ok. GIVE ME A BREAK! First of all, according to the Congressional Budget Office, the total duration of the Iraq war cost less than the stimulus bill. Second, he referred to that cost AS IF stimulus spending was not based on foreign borrowing. Finally, the President makes an obtuse reference to “competitiveness” as if the taxes in the new health care bill are going to make us more competitive… The truth is often stranger than fiction.