Obama’s stimulus became a special-interest feeding frenzy

Obama’s stimulus became a special-interest feeding frenzy

President Obama came into office just over five years ago promising to reduce the power of corporate lobbyists and to increase government’s role in the economy.

In his first month, he showed that the two promises were incompatible. His $787 billion-dollar stimulus provided the lesson: Every time government gets bigger, some special interest is getting richer.

“President Barack Obama’s $787 billion stimulus package has put clean-tech companies in ‘a feeding frenzy,’” reported tech journal GigaOm in 2009, quoting industry analyst Jesse Berst.

Every special interest Obama had attacked or would later attack supported the law. From the Chamber of Commerce to General Electric, Big Business loved the stimulus.

Tech CEOs literally got access to the Oval Office while the bill was being shaped, the New York Times reported in those heady early days of Hope and Change, while the CEOs’ lobbyists met down the hall with top economics aide Jason Furman.

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