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Nobel Prize winning economist Paul Krugman has his knives out. This is the toughest and the most intuitively correct of all the attacks on Obama economic policy:
President Obama’s plan to stimulate the economy was “massive,” “giant,” “enormous.” So the American people were told, especially by TV news, during the run-up to the stimulus vote. Watching the news, you might have thought that the only question was whether the plan was too big, too ambitious. Yet many economists, myself included, actually argued that the plan was too small and too cautious. The latest data confirm those worries—and suggest that the Obama administration’s economic policies are already falling behind the curve.
The Republican leadership has failed to criticize the Obama plan in a consistent, intelligent fashion. But this doesn’t mean Obama economic policy is beyond criticism—far from it. Implicit in Krugman’s criticism is something fundamental: How can the Treasury presume to undertake a “fix” when we don’t really appreciate the full scope of the problems at institutions like AIG and Citibank? Since the middle of September, breathless advice on how to remedy the situation has come from a handful of barons on Wall Street. They may indeed be concerned about the country, but they have a notorious record of putting their personal and institutional interests first. The problems need to be exposed fully and thoroughly before any more billions are pumped into a “fix.” What doctor would stop the diagnostic process halfway and start with a cure that his “gut” tells him is right? It would be malpractice. And Krugman is right that the key shortcoming so far is a failure to sound out the bottom of the well. We’re wasting precious time.
More from Scott Horton:
Conversation — March 30, 2016, 3:44 pm
Joseph Hickman discusses his new book, The Burn Pits, which tells the story of thousands of U.S. soldiers who, after returning from Iraq and Afghanistan, have developed rare cancers and respiratory diseases.
In Havana, the past year has been marked by a parade of bold-faced names from the north — John Kerry reopening the United States Embassy; Andrew Cuomo bringing a delegation of American business leaders; celebrities ranging from Joe Torre, traveling on behalf of Major League Baseball to oversee an exhibition game between the Tampa Bay Rays and the Cuban national team, to Jimmy Buffett, said to be considering opening one of his Margaritaville restaurants there. All this culminated with a three-day trip in March by Barack Obama, the first American president to visit Cuba since Calvin Coolidge in 1928. But to those who know the city well, perhaps nothing said as much about the transformation of political relations between the United States and Cuba that began in December 2014 as a concert in the Tribuna Antiimperialista.
Estimated portion of registered voters in Zimbabwe who are dead:
Honeybees can recognize individual human faces.
Pope Francis announced that nuns could use social media, and a priest flew a hot-air balloon around the world.
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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.'”