Uncle Sam has borrowed $388 billion in the second quarter and is scheduled to borrow $406 billion in the third quarter and nearly $500 billion in the fourth. In order to provide $152 billion in so-called fiscal stimulus, the government is draining close to $800 billion from the private-sector savings supply " $800 billion that will not be invested in new-business enterprises, including small businesses.

To be honest, it’s hard to know what Biden is talking about at any given moment he opens his mouth. But on the economy and the “stimulus” plan he’s even more incoherent than usual. (Actually, I suspect Biden was brought on board the ticket to provide Obama with a comic side-kick. Buddy movie politics.)

The economy is a shambles directly because of the policies of the Obama administration. Kudlow predicts a minimum 500 point Wall Street rally if ObamaCare fails. (I’d bet on a lot higher, frankly).

But it will take a lot to get this many people back working. Until the leftist Obama agenda is stopped cold, don’t expect any miracles.

September 5, 2009
The Jobless Recovery
By Larry Kudlow