Yesterday was a busy day in the House of Representatives – they raised the debt limit by $280 billion (a two-month band-aid) and passed both a $626 billion defense spending bill and a dubiously-named “job creation” bill costing $150 billion.
Although The Washington Post called the House jobs bill “largely symbolic,” concluding that the legislation “has virtually no chance of seeing action in the Senate this year,” it’s still troubling to see that the Democrats believe that they can create sustainable economic growth through government action. Keynesian economics have been proven wrong, and should not be revisited!
Unfortunately, the House seems to think that looking busy is the key to re-election, even if it hurts the economy. According to the Post,
Speaker Nancy Pelosi (D-Calif.) said she told her colleagues at a morning gathering that the legislative decks were almost cleared so Democrats could focus on the economy next year to gear up for the 2010 midterm elections.
“I don’t know if you’ve noticed, but I’m in campaign mode,” Pelosi told reporters at a year-end briefing in her office suite overlooking the Mall.
Please, Madam Speaker: don’t focus on the economy. Just leave it alone. You’ve done enough damage already!