You’ve heard of the circle of life—well this is a good example of the circle of money envisioned by Democrats.
I kid you not, this is from Obama press secretary Jay Carney to a Wall Street Journal reporter’s question about how more unemployed people getting unemployment checks would lead to the creation of a million jobs.
From Real Clear Politics:
“I understand why extending unemployment insurance provides relief to people who need it, but how does that create jobs,” Wall Street Journal’s Laura Meckler asked Jay Carney at Wednesday’s WH briefing.
Carney responded: “Oh, uh, it is by, uh, I would expect a reporter from the Wall Street Journal would know this as part of the entrance exam.”
“There are few other ways that can directly put money into the economy than applying unemployment insurance,” Carney said.
Carney answers the question: “It is one of the most direct ways to infuse money directly into the economy because people who are unemployed and obviously aren’t running a paycheck are going to spend the money that they get. They’re not going to save it, they’re going to spend it. And with unemployment insurance, that way, the money goes directly back into the economy, dollar for dollar virtually.”
For Lefties like Carney the money flows in one big circle from the government to the people, then back to the government via people paying taxes. The government then sends it back out through unemployment checks. Of course the slightest redirection of the money (say under the mattress or out of the country) means the amount flowing back to government is always less than flowing out. Gee, guess that is how we got into this mess in the first place.
One of many questions I have for Carney about his theory on the great money cycle is (besides a question about where is the incentive to work and become a taxpayer), since we have been paying unemployment checks to millions in recent years, why haven’t the millions of jobs materialized?