Obama Admits Failure of $1 Trillion Stimulus: “There is No Such Thing as Shovel-Ready Projects”

October 15, 2010

President Obama’s major justification for the 2009 stimulus bill spending almost $1 trillion was that there are a lot of “shovel-ready projects” meaning mainly infrastructure projects that can start immediately as soon as they are funded.

Now, weeks before the Nov. 2 election, Obama admits his mistake in a New York Times story:

He realized too late that “there’s no such thing as shovel-ready projects” when it comes to public works.

Watch Charles Krauthammer comment on Obama’s statement:

The Obama administration recently also admitted that health care costs will go up under Obamacare, not decrease as promised before the bill was passed. No big surprise to opponents of Obamacare, but it is an amazing admission from the man who argued that we need Obamacare to save America from bankruptcy.

Democrat candidates in this election have an impossible task. They are already running from everything that they “achieved” during the past two years. Now they have to deal with their leader admitting the failure of his policies. With friends likes this who needs enemies?

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