President Elect Obama has released his latest economic recovery plan, his attempt to fix the economy. On the campaign trail, he promised 1 million new jobs. A few weeks ago he promised 3 million new jobs. This week, his plan would create 4.1 million new jobs. When you make promises, the sky's the limit.
Funny thing about promises, the very same announcement that promised 4.1 million jobs, also promised that he would have to renege on many of his other campaign promises. Where did "pinky promise" or "cross my heart and hope to die" disappear?
The truth is, the new administration doesn't understand or acknowledge how we arrived on our current catastrophic course. Since they don't know how this happened, they have no clue how to fix the economy.
We should expect a continued flurry of pie in the sky promises that change with every economic report.
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