Obamanomics at its Finest

In the land of Hope, Change, candy butterflies and butterscotch rainbows, this makes sense:

At a White House press conference on Thursday, President Barack Obama said the legislation he has proposed to create jobs could “grow the economy as much as 2 percent.” However, the White House estimates that the plan itself will cost $447 billion — or 2.97 percent of the 2011 GDP of $15.012 trillion that is currently projected by the federal Bureau of Economic Analysis.

Spend three percent of GDP to grow the economy two percent — brilliant! Here’s another way to look at it: Obama wants to spend a half trillion dollars to shrink the economy one percent, and probably more.

The people who came up with Obamanomics don’t exactly provide a ringing endorsement of the value of a Harvard education, do they?

And that two percent “growth” number is just Team Obama’s estimate. We know how accurate those are.

(h/t Ed Morrissey)

Author: Doug Powers

Doug Powers is a writer, editor and commentator covering news of the day from a conservative viewpoint with an occasional shot of irreverence and a chaser of snark. Townhall Media writer/editor. MichelleMalkin.com alum. Bowling novice. Long-suffering Detroit Lions fan. Contact: WriteDoug@Live.com.