Barack Obama has fatally undermined our currency, our solvency, our financial stability and -- ultimately -- our economy, all to spend money that has had no economic effect!

But the results are in: None of Obama's spending is doing anything to help the economy.

Of course, the process of household savings, designed to pay down debt, is very healthy.

Economists call it de-leveraging. By the start of the recession, the debt American households owe had risen from 70 percent of their annual income in 1995 to 140 percent (excluding mortgages). Now it's on its way back down again. And, eventually, that will lead to a real recovery -- if Obama doesn't wreck the currency and bring on mega-inflation before then (but he probably will).

The data is in for April. Here's what happened:

1. Household personal income (inflation adjusted) rose, but every penny -- and then some -- went into savings or paying down debts. Consumer spending, on which Barack Obama is betting to stimulate the economy, actually fell. None of the stimulus money was spent. None.

2. Meanwhile, to pay for this stimulus spending that didn't stimulate, Obama had to borrow so much money that long-term interest rates have almost doubled since he took office, forcing postponement or abandonment of business expansion and hiring across the board.

What a record!