Center for Freedom and Prosperity Foundation
For Immediate Release
Monday, August 13, 2012
New CF&P “Economics 101” Video Documents Wasteful Legacy of Obamanomics
(Washington, D.C., Monday, August 13, 2012) The latest “Economics 101” video released today by the Center for Freedom and Prosperity Foundation (CF&P), highlights some of the waste, fraud, and abuse produced by President Obama’s profligate fiscal policy. Titled, “Obamanomics: A Legacy of Wasteful Spending,” the video cites specific examples of waste and explains why the President’s approach has failed to improve the economy.
Narrated by Lori Sanders from the American Enterprise Institute, the primary objective of the mini-documentary is to demonstrate how tax dollars are squandered by the politicians in Washington D.C.
The video cites several notable examples of waste in the President’s stimulus package, including 1) the purchase of new windows for a closed visitor center; 2) funds for photographs of exotic ants; 3) new water pipes for a golf course, which are being held up by legal challenges over the impact on endangered frogs; 4) a new visitors center for an Indian tribe that owns one of the highest grossing casino’s in the country; and, 5) a ridiculously expensive overhaul of the Recovery.gov website itself.
The video also draws attention to the extensive waste in the President’s “green energy” policies, of which the well-known Solyndra bankruptcy is just the tip of the iceberg.
“While it’s been a boon for special interests and the President’s political allies, the one thing the stimulus hasn’t helped is the economy,” said CF&P Foundation President Andrew Quinlan. “Because government is necessarily run by politicians, government spending almost always is reckless, wasteful and motivated primarily by political rather than economic considerations. Central planning and the kind of top-down approach seen from this administration will always fail.”
“All the money being wasted by the federal government could have generated jobs and growth if it was left in the productive sector of the economy,” noted Dan Mitchell of the Cato Institute. He added that, “Instead, we got corrupt deals, pork-barrel outlays, and goodies for special interests.”
This mini-documentary from the Center for Freedom and Prosperity Foundation highlights egregious examples of wasteful spending from the so-called stimulus legislation and explains why government spending hurts economic performance.
This new video is part of CF&P’s Economics 101 video series, which is designed to explain free market concepts, with particular emphasis on reaching students and young people. This is the nineteenth video in the series.
The other Econ 101 videos: Third-Party Payer is the Biggest Economic Problem With America’s Health Care System; The Dangers of Government Dependency; The New Deal Was A Failure: Hoover and FDR Prolonged the Great Depression with Big Government; The European Fiscal Crisis and Lessons for America, Free Markets, Not Redistribution, Is Best Way to Reduce Poverty, Seven Reasons Why Tax Increases Are the Wrong Approach; Tax Competition: A Powerful Force to Restrain Big Government; Four Reasons Why Big Government Is Bad Government; Keynesian Economics Is Wrong: Economic Growth Causes Consumer Spending, Not the Other Way Around; Indexing the Capital Gains Tax to Protect Taxpayers from Inflation; Repealing Obamacare and Restoring a Free Market in Healthcare; The Job-Killing Impact of Minimum Wage Laws; Deficits, Debts and Unfunded Liabilities; Cost of the Internal Revenue Code; Lessons Learned From Sweden; Government Monopolies; Moral Hazard; and Don’t Copy Europe’s Mistakes.
CF&P Foundation has also released more than four-dozen mini-documentaries since 2007. These videos include Tax Competition Primer, VAT-Hidden Tax, Global Flat Tax Revolution, Cutting the U.S. Corporate Income Tax, Promoting Prosperity, Obama’s So-Called Stimulus, Obama’s Deferral Proposal, Case Against Class-Warfare Tax Policy, President Obama’s Dishonest Demagoguery on Tax Havens, Six Reasons Why the Capital Gains Tax Should Be Abolished, a three part series on the Benefits of Tax Havens and another three-part series on the Laffer Curve.