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 to get our economy going again. Obama’s economic illiteracy is plunging our country into economic ruin.

...When Obama reported that the Treasury had received back $200 billion in TARP funds, he declared that he planned to spend that money on a second stimulus while paying down the debt. This is patently untrue. America will not be paying down any debt. The Senate is moving to raise the debt ceiling by over $1.8 trillion.  Actually, we will be borrowing a record sum, as Obama mortgages our future to “spend us out of this recession.” Full Piece