First The Spending Then The Plan

President Present is about to unveil his new spending plan. His old plan was spend first and plan later. Could it mean the old way has passed its expiration date?

President Barack Obama said Saturday his administration will outline a new strategy in the coming days for spending billions of federal dollars to pull the nation out of an economic crisis he described as "devastating."

Obama and his top advisers are weighing how to structure the remaining $350 billion that Congress approved last year to save financial institutions and lenders from collapse. The new president also warned there is no single action that would allow his administration to fix the struggling U.S. economy, a stark statement at the end of a week that saw hundreds of thousands of Americans lose their jobs.

"No one bill, no matter how comprehensive, can cure what ails our economy," Obama said in his weekly radio and Internet address. "So just as we jump-start job creation, we must also ensure that markets are stable, credit is flowing and families can stay in their homes."

Of course there is something he could do to give a boost to companies that were making money: lower taxes on them.

"And we will insist on unprecedented transparency, rigorous oversight and clear accountability so taxpayers know how their money is being spent and whether it is achieving results."

Obama's message — largely repackaged from a week of White House statements — was as much for the country as it was for lawmakers: Pass the separate American Recovery and Reinvestment Plan or things are going to get worse.

Two things here are worth remarking on. The first: When a Chicago politician promises a new era of transparency what that means is, "We have found a new way to siphon off the vigorish that we hope no one will notice." Second off this economy will get worse for a while no matter what. Passing a new theft, bail out, and raise taxes bill is guaranteed to make them worse longer.

But don't worry. Just to sweeten the stimulus deal Our Congress Critters have promised to start a trade war.

Less than two weeks into office, President Barack Obama faces a dilemma over protectionist provisions in a massive economic stimulus bill: Backing the measures could set off a trade war, while opposing them could trigger a backlash from his supporters.

The choice involves "buy American" provisions attached to White House-backed stimulus legislation moving through Congress. They would require major public works projects to favor U.S. steel, iron and manufacturing over imports.

Some Democratic lawmakers and interest groups allied to the president support the measures, but international allies and trading partners are warning that favoring U.S. companies would breach U.S. trade commitments and could set off tit-for-tat countermeasures around the world.

The two largest U.S. trading partners already have spoken out against the measures. On Thursday, Canadian Prime Minister Stephen Harper expressed concern and the European Union warned that it would not "stand idly by" if such measures were passed. On Friday, Brazil's president Luiz Inacio Lula da Silva also criticized the measures.

Shades of Smoot-Hawley. So let me see. In less than two weeks Obama has annoyed Hamas and pissed off Canada, The European Union, and Brazil. All to gouge the American taxpayer and support his union and Arab friends. I think he is off to an excellent start. Only Three Years 11 months 2 weeks and 5 days to go. Well I hear that "Hot Rod" Blagojevich is currently unemployed. Perhaps Mr. Obama could hire him for some executive advice and at least do something about one man's unemployment problem.

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Cross Posted at Classical Values