Whether he knew it or not, Virginia Governor Bob McDonnell (R) made the case for the Obama Administration during at interview with CNN’s Candy Crowley.
At 5.6 percent, Virginia’s unemployment rate is among the lowest in the country, well below the national average of 8.2 percent. And the state’s governor concedes that President Obama has helped.
“The only thing I can say is he had nearly a trillion dollars in stimulus, and that was one-time spending,” Virginia Gov. Bob McDonnell told CNN’s Candy Crowley in response to a question about whether he believes Obama can take any credit for the strong economy in Virginia. “Did it help us in the short run with health care and education spending to balance the budget? Sure. Does it help us in the long term to really cut the unemployment rate? I’d say no.”
Federal stimulus isn’t intended to be a long-term solution. Stimulus is intended to provide a short-term boost to economy at a time when consumers — that’s us — aren’t spending because we’re either broke or uncomfortable. We’re a sensitive bunch, you know.
In short, that’s how this economy works. People either spend money or they don’t. And when they don’t, the government has to step in to fill the void. This is a consumption driven economy, and sometimes the government has to drive that consumption. Like it or not.
Bob McDonnell may not have been aware of it, but he just admitted that a socialist, Keynesian shot in the arm does work. He also inadvertently implied that, while the big scary federal government has successfully boosted the economy, the private sector still isn’t up to the task.