Never mind the fact that we are running a $2 trillion deficit. Don’t worry about all those new losses piling up at Fannie Mae, Freddie Mac, the Pension Benefit Guaranty Corporation, and more. We must spend more! As investments, of course!
President Obama came to this economically struggling state Tuesday with a sobering message about its vanishing jobs and a promise of renewal through a new federal investment in community colleges.
But that message was up against rising unemployment — 14 percent — and rising frustration. A Detroit newspaper welcomed Obama to the state with a scathing editorial, calling the administration’s stimulus package a “failed experiment.”
Obama refused to concede that point during his speech at Macomb Community College, where he said part of the answer to recovery is also in a new focus on community colleges. His proposed American Graduation Initiative would pump $12 billion into community colleges and add 5 million new graduates by 2020. The program, he said, would offer training to millions of students who cannot afford four-year universities and opportunity to older workers who need new skills.
Well, as I always say, it’s only money. What’s a few more billion dollars in debt among friends?
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