I hear him saying the words, but I can’t believe what I am hearing. Piling up larger deficits in order for the government to borrow and spend (“invest”) money is a “pro-growth” economic strategy?
Gene Sperling, director of the National Economic Council, and President Obama’s chief magician top economic adviser is explaining what to expect in the 2015 budget proposal.
And I think what we don’t want is for our deficit reduction to come at the expense of the investments in the future. You want to have a more robust ability to invest in research, in children, in training and higher skills. Those are things – infrastructure – those are the things where one generation invests for a stronger future.
So going into debt, and spending money we don’t have, is an “investment.” Seriously?
So I think that what you’ll see in our budget is more of a move to be more pro-growth and to change the composition of deficit reduction so that we do allow more investment in the future – in education, in training, in the middle class – and that our savings are more directed towards the long term and that they are a responsible mix of revenues and sensible mandatory savings.
How is putting more debt into the economy going to help growth? We left behind “a responsible mix of revenues and sensible mandatory savings” 17 trillion dollars ago.
Even apart from the dangerous debt that Sperling wants to only grow faster, the spending he proposes is irrational. He has no insight or special knowledge about where money needs to be “invested” in order to prepare for the best future. What kind of “training” should people get for the future jobs that will become available? Sperling has no idea what “higher skills” your youngest child will need to have thirty years from now. Unless Sperling can assure us he has accurate knowledge of the future, then his “investments” could easily all be lost causes—a giant waste of money.
Obama will simply be passing on more money to his friends. Sperling’s deceptive language is intended to disguise the fact that all that will happen is that Democratic allies will be given money to spend in order to win over voters.