Michael J. Boskin, chairman of the Council of Economic Advisors under President George Herbert Walker Bush, testified recently before the Joint Economic Committee of Congress.
He summed up his observations in a piece for The Wall Street Journal:
"President Obama's most recent prescription for economic growth - more government stimulus spending, new social programs, higher taxes on upper-income earners, subsidies for some industries and increased regulation for them all - is likely to have the same anemic results as in his first administration."
* The $825 billion stimulus program "did little economic good at a cost of hundreds of thousands of dollars per job."
* "Cash for Clunkers cost $3 billion merely to shift car sales forward a few months."
* The Public-Private Investment Program for Legacy Assets to buy toxic assets from banks so they would speed up lending generated just 3 percent of the anticipated $1 trillion.
Dud, dud, dud. And now, more duds.
* Universal preschool would cost $25 billion a year without producing lasting educational results.