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Editor's Note: The post below was submitted by A Line of Sight Contributing Editor Chris Jaarda.

Last night President Obama delivered his long-awaited jobs speech. The speech was basically a re-tread of the same failed policies of the past proving that the President has no idea how markets work, what drives ingenuity, and what can spur economic growth. 

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In our blog post of July 5, 2011 we cited analysis of the recently release quarterly summary report of Barack Obama's Stimulus that concluded the Administration spent $278,000 per job they claimed to have "saved or created" with the $666 billion the White House has spent thus far of the more than $800 billion authorized by the legislation approved in 2009. 

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Back in February of 2009, the newly inaugurated Barack Obama warned that without passage of his $800 billion stimulus plan, "an economy that is already in crisis will be faced with catastrophe."

The President was so confident of his Keynesian spending barrage on steroids that he chided those who questioned him for presenting "phony arguments and petty politics." 

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