September 6, 2009
Other People's Money
It was a sublime March morning in Minnesota. The newly serving Vice President, flanked by no less than four cabinet secretaries and serving U.S. senator, basked in the success of the recently passed Stimulus bill. As evidence of big-government’s triumph, Joe Biden held a town hall meeting at the New Flyer of American Bus Company, a corporation that builds low-emission buses.In publicizing the town hall event, whitehouse.gov boasted: The New Flyer of America plant in St. Cloud has hired more than 90 people in 2008, rounding out its unionized workforce of 650 employees, who are working around the clock to fulfill a two-year backlog of orders. The success of the St. Cloud plant is a model for creating jobs in America – the kind of economic growth the Recovery Act aims to spur. But, like that mystery-shopper job with a six figure salary you read about in a recent spam email, it was too good to be true. The New York Times recently reported that the Stimulus utopia was a dream,...(Read Full Post)