We’re morons, which, of course, comes as no surprise to anyone who reads IHTM on a regular basis.
But in this particular case, we’re morons because we thought the purpose of the American Recovery & Reinvestment Act was to stimulate the economy, to finance all those shovel ready projects and to keep unemployment from going over 8%.
Looks like we were, oh, so wrong. Here’s what President Obama told the nation’s governors on Monday:
“As the Recovery Act funds that saw through many states over the last two years are phasing out and it is undeniable that the Recovery Act helped every single state represented in this room manage your budgets, whether you admit it or not. You face some very tough choices at this point on everything from schools to prisons to pensions.”
In other words, the Recovery Act supplied crack to the addicts, but now the pusher man has run out of crack.
At least that’s the way we interpret what he said.
http://www.youtube.com/watch?v=h-UeCkwZ8BU
