Posted on 07/01/2009 12:53:02 PM PDT by FromLori
Six months into the Obama presidency and the New York Times is already running an autopsy analyzing how he could have been so wrong about the economy.
David Leonhardt's bottom line? The administration was deluded by hope.
We doubt it. We suspect Obama, Summers, Geithner & Co. just decided that they had to issue rose-colored projections about the unemployment rate and recovery or they would never have a hope in hell of ramming such huge spending increases through. And if the forecasts proved optimistic? Well, by then, maybe everyone would have forgotten.
They haven't.
At the time, we noted that Obama was taking a huge risk here: The collapse of the economy certainly wasn't his fault, and, no matter what, recovery was likely going to take years. If nothing else, we thought, Obama should preserve his own credibility.
And now he has already blown it.
David Leonhardt: There are two possible explanations that the administration was so wrong. And sorting through them matters a great deal, because they point in opposite policy directions.
The first explanation is that the economy has deteriorated because the stimulus package failed. Some critics say that stimulus just doesn’t work, while others argue that this particular package was too small or too badly constructed to make a difference.
The second answer is that the economy has deteriorated in spite of the stimulus. In other words, the patient is not as sick as he would have been without the medicine he received. But he is a lot sicker than doctors realized when they prescribed it.
To me, the evidence is fairly compelling that the second answer is the right one...
Read the whole thing >
(Excerpt) Read more at businessinsider.com ...
I think in the eyes of most on this forum he has never had any credibility.
Agreed. An Empty Suit with no work experience or demonstrable education cannot have "Credibility". On ANY subject.
Agree but what is amazing is the press starting to write about his failures.
It's always been obvious that he is an economic idiot -- an ideologue who does care how finances work he's just interested in social engineering.
Not too many here were deluded, if any has any doubt how he hates economic principles, just look at this cap and trade nonsense.
Obama is anti-economic, anti-capitalism and anti-American.
With their industry tanking, maybe the media is getting a little scared that they too will be crushed by Obama’s incompetence. Bush may be starting to look good to some on the left. Although you will never hear them say that out loud.
deluded by hope
^^^^^^^^^^^^^^^^^
In one phrase he has summed up the Obama presidency.
They cannot be referring to the measley 40 a month tax cut(if that). Can they?
And the irony is profound. Bush kept our country safe; safe for those detractors and assorted human trash to continually insult him with every pejorative imaginable. And with a <5% unemployment economy.
Now that we've got the Barry Obamalamadingdong Show, there's no single one person to insult other than Rush & Sarah Palin.
You mean he can’t vote “present”?
Hard to believe the NYT would print anything Negative about Obama.
But there is absolutely no doubt our climate models are 100% accurate thus Cap and Trade legislation was absolutely justifed !
The second answer is that the economy has deteriorated in spite of the stimulus. In other words, the patient is not as sick as he would have been without the medicine he received. But he is a lot sicker than doctors realized when they prescribed it.
Nothing prevents both options from being applicable. Specifically: Yes, the stimulus package "failed" (it didn't stimulate the economy.) How could it? It was a very destructive set of actions, economically, financially, politically and socially. And also yes, the patient is and was far sicker than the establishment/mainstream thinkers yet realize.
Celente predictions very scary and in this video he calls him the obamageddon lol one of my favorite names for him
http://www.youtube.com/watch?v=RIPSrKbYp0U
You have to actually accomplish something good to gain any credibility.
Obama’s never accomplished anything other then letting his media buddies get him elected.
He’s done nothing but begin to pay off his cronies on the left.
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