The Biden Administration has helpfully confirmed what we’ve been shouting from the rafters for more than a year: an economically unhealthy number of the new jobs created since the lockdown are the result, directly or indirectly, of government spending and hiring.

(If the feds would give Unleash Prosperity $1 billion, we guarantee you we could create hundreds of jobs!)

It’s straight from the economics texts. Frederic Bastiat – one of our favorite economists – famously observed it 175 years ago when he wrote: “That Which Is Seen, and That Which Is Not Seen.”

In the sphere of economics an action, a habit, an institution or a law engenders not just one effect but a series of effects. Of these effects only the first is immediate; it is revealed simultaneously with its cause, it is seen. The others merely occur successively, they are not seen; we are lucky if we foresee them.

The entire difference between a bad and a good Economist is apparent here. A bad one relies on the visible effect while the good one takes account both of the effect one can see and of those one must foresee.

Why can’t these economic pinheads in the Biden Administration understand that the money they extract from families and businesses probably would have created multiple times more jobs and economic development, if they hadn’t diverted all this money on windmills?

Before spending tens of billions of tax dollars on “green energy” projects, America got 80% of our energy from fossil fuels. Now, after all that spending, we still get 80% of our energy from fossil fuels. A bad investment is much worse than no investment at all.