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There are many good things to say about the stimulus bill. But all in all, it wasn’t as good as it could be: It’s probably too small and too skewed toward tax cuts, and particularly cuts for upper-income people who won’t necessarily spend them. The bank bailout is, well, a mystery, but at best a political fiasco. What’s the problem here?
I’ll give the three obvious answers before saying what I think is the fundamental problem: First, as for the administration, Obama didn’t get out on the stump soon enough to explain why government spending is essential, and his Treasury Secretary doesn’t at this point appear up to the job. Secondly, the Congressional Republicans either don’t know any economics or are willing to put the country at risk to advance their own party’s fortune. Third, Senate Majority leader Harry Reid failed again–the previous instance was over the auto bailout–to use the power of his position to win support for Democratic initiatives.
But I think the main reason that Obama is having trouble is that there is not a popular left movement that is agitating for him to go well beyond where he would even ideally like to go. Sure, there are leftwing intellectuals like Paul Krugman who are beating the drums for nationalizing the banks and for a $1 trillion-plus stimulus. But I am not referring to intellectuals, but to movements that stir up trouble among voters and get people really angry. Instead, what exists of a popular left is either incapable of action or in Obama’s pocket.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Flor Arely Sánchez had been in bed with a fever and pains throughout her body for three days when a July thunderstorm broke over the mountainside. She got nervous when bolts of light flashed in the sky. Lightning strikes the San Julián region of western El Salvador several times a year, and her neighbors fear storms more than they fear the march of diseases — first dengue, then chikungunya, now Zika. Flor worried about a lot of things, since she was pregnant.
Late in the afternoon, when the pains had somewhat eased, Flor thought she might go to a dammed-up bit of the river near her house to bathe. She is thirty-five and has lived in the same place all her life, where wrinkled hills are planted with corn, beans, and fruit trees. She took a towel and soap and walked out into the rain. Halfway to the river, the pains returned and overcame her. The next thing Flor remembers, she was in a room she didn’t recognize, unable to move. As she soon discovered, she was in a hospital, her ankle cuffed to the bed, and she was being investigated for abortion.
Average duration of a Japanese prime minister’s tenure since August 1993, in months:
Brain shrinkage has no effect on cognition.
An Indianapolis fertility doctor was accused of using his own sperm to artificially inseminate patients, and a Delaware man pleaded guilty to fatally stabbing his former psychiatrist.
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“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”