So Zapatero’s push looks a little less inane, and more cunning. He doesn’t think much of us, but he’ll take our money to keep his teetering economy from becoming the next Greece. Said the Economist in 2009:
Big in America? Spanish firms hope to benefit from America’s stimulus plan. American companies are not the only ones hoping for a boost from Barack Obama’s economic stimulus plan. Spanish firms are also positioning themselves to benefit from what they call el Plan Obama. Other foreign companies are jostling for some of the $317 billion of intended spending, but Spain is the only country to have built a campaign around it.
You see, Zapatero created (with the assistance of his Popular Party predecessors/accomplices) a bubble of a phony industry, which killed real and prospective jobs, and was sustained only by a continued infusion of taxpayer debt and increased energy prices (further killing jobs). This bubble burst when that debt was admitted to be unsustainable.
As Madrid economics professor Dr. Gabriel Calzada exposed, the “green” industry in Spain saw their only hope in the U.S. (Uncle Sucker?) coming to the rescue, keeping the bubble filled with transferred billions. Calzada was decried as “unpatriotic” by Spain’s renewables industry and communist-affiliated trade union — not for being wrong, but for letting the cat out of the bag.
Zapatero has on his hands a bunch of rent-seeking welfare firms who exist and prosper not by performance or economic advantage, but solely due to politicians directing billions their way. Spanish companies have already received billions from the indebted U.S. taxpayer.
Zapatero is the ambulance-chasing lawyer, the huckster who argues the facially absurd and gets a jury to award his client millions for spilling scalding coffee over his crotch. We are that jury if we fall for this again.