Barack Obama is demonstrating just how little he understands basic economics. He believes growing the government at a rapid rate is what causes prosperity, declaring America must “spend our way out of this recession.” He also in recent weeks scolded “fat-cat bankers,” telling them they need to loan more money out in order to get [...]

In sports they call it a misdirect; magicians and illusionists will slip a card into the deck while they distract you elsewhere. What President Obama is doing with the 647-page, $825 billion so-called “stimulus package” legislation is closest to the tried-and-true tactics of a team of pick-pockets. One grabs your attention by yelling about some emergency problem, while the other slips his hand in for your wallet. Before knowing it, you have been robbed blind.

Chief of Staff Rahm Emanuel in November described their tactic this way: “Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.” And have they ever!