The Truth About Obama's Stimulus Package

By Glenn Beck

There's the start of universal healthcare in this spending bill, and President Obama didn't even mention it in his speech last night. I'll explain in just a minute why if you're old you should get used to a little pain.

Here's the one thing: I agree with President Obama. We may not survive if we do not do the right thing. But that's where our agreement ends, because what he's proposing is exactly wrong.

Better get the duct tape, because when you hear what Obama said last night, and then the truth, your head may pop off.

Here's Obama talking about job creation:

(BEGIN VIDEO CLIP)
PRESIDENT BARACK OBAMA: The federal government is the only entity left with the resources to jolt our economy back into life.
(END VIDEO CLIP)

But wait! The Bureau of Labor Statistics found that about 90 to 95% of private sector job growth got us out of the recessions of late ‘70s and early ‘80s. Here's the president speaking about role in ending the Great Depression:

(BEGIN VIDEO CLIP)
OBAMA: You have some people — very sincere — who philosophically just think that government has no business interfering in the marketplace.
And in fact there are several who suggested that FDR was wrong to intervene back in the New Deal. They're fighting battles that I thought were resolved a pretty long time ago.
(END VIDEO CLIP)

No, actually a long time ago the history was written by the same economists who designed the new deal. Let's look at today. The non-partisan CBO says the spending package will actually lower GDP by .1 to .3 percentage points by 2019. Doing nothing, they say, would result in less debt and higher growth. But, of course, doing nothing isn't an option for this president.

Last night President Obama did not say much about TARP 2.0, which was rolled out today by new Treasury Secretary Tim Geithner. Geithner said that this new plan is supposed to help mop up toxic assets. But isn't that exactly what President Bush and the Republicans said about the original TARP? This one could put us on the hook for another 1.5 trillion bucks.

Here's what President Obama said when it comes to the "experts":

(BEGIN VIDEO CLIP)
PRESIDENT BARACK OBAMA: "Most economists almost unanimously recognize... That government is an important element of introducing some additional demand into the economy."
(END VIDEO CLIP)

Oh really? Doesn't this sound like Al Gore on global warming? The science is not settled, it's up to you. There are a couple hundred economists who disagree, and they aren't exactly slouches.

It's nice that Obama looks presidential and his words make people feel good, but we also have to listen to what he says and make sure he can back it up with actual facts — something that we'll try to do tonight.

What do you think? Send your comments to: glennbeck@foxnews.com
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