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)