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Maxine Waters’s startling call for a trillion-dollar jobs bill this past week sent shudders down the spines of Democrats–for more than one reason. In addition to her ubertransparency about the progressives’ Keynesian desire to heap debt upon debt, you have to wonder if they’re hoping no one remembers what happened almost exactly one year ago this week.

It was September 16, 2010, when President Obama signed into law the Democrats’ Small Business Jobs Bill, a behemoth lending program in the mold of the TARP bailouts with a soaring price tag–and even more soaring promises from the promoters of this spending.

Clocking in at a sobering $30-billion, The Small Business Jobs Act was touted as the last, best chance for the Democrats to show the country how their solutions would restore our economy’s strength. The premise was that the Treasury would flood banks with capital, in the hopes that they would lend the money to small businesses–despite the lack of any requirements for banks to use this money to lend.

Some of the claims made exactly one year ago this month, as part of the full-court-press marketing for The Bill to End All Jobs Woes:

“Democrats estimate the measure could create 500,000 new jobs,” one reporter noted in September of 2010.

From the Democrats’ House Committee on Financial Services website:

“Democrats in Congress recognize that Small businesses are the engine of our economy, creating two-thirds of the new jobs over the last 15 years.  America’s 27 million small businesses continue to face a lack of credit and tight lending standards, with the number of small businesses loans down nearly 5 million since the financial crisis in 2008 under President Bush.”

“The Small Business Jobs Act will help small businesses create 500,000 new jobs.”

Nancy Pelosi added her praise for the spending:

“I am very pleased to sign this legislation,” Pelosi said as she prepared to sign the bill at a brief ceremony at the Capitol. “When I do, we will send it to President Obama, with our appreciation for his extraordinary leadership to help small businesses grow. This is about opportunity, it’s about job creation, it’s about growth of our economy. I am honored to sign this legislation.” 

One year later, there is no evidence that a single job has been created as a result of this massive spending program. Maxine Waters sure agrees, or has amnesia, or both:

“I agree that he [Obama] must have a jobs program. Let’s create jobs. I’m talking about a program of a trillion dollars or more.” 

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What will the world look like in September 2012? At this rate, we’ll have Debbie Wasserman Schultz and Jan Schakowsky teaming up for a quadrillion-dollar sure-fire New-York-Times-endorsed Jobs Bill that promises to fix all our problems for good.

Oh wait…

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