Over at Bloomberg, Jonathan Alter poses a question to non-supporters of President Obama:
"Tell me again why Barack Obama has been such a bad president? I'm not talking here about him as a tactician and communicator. We can agree that he has played some bad poker with Congress. ... (But) what, specifically, has he done wrong on policy?"
OK, I'll play.
Obama made three crucially bad economic decisions in the first year of his presidency:
1) Obama deferred to Democrats in Congress on the writing of his fiscal stimulus. He fought for a big total, but he paid much less attention to what was included in the total. The predictable result: a stimulus that most economists condemn as very poorly designed.
Congress larded up the stimulus with ancient Democratic wish lists utterly irrelevant to the crisis at hand: $15 billion for more Pell grants, $9 billion for community and rural development, $20 billion for the renewable energy tax credit and so on. $87 billion was used to bail out state governments that had overspent on Medicaid. About $140 billion was put toward individual tax rebates that -- most economists warned -- would do little or nothing to stimulate economic activity.
Only about $100 billion of the stimulus -- one dollar in eight -- went to support new infrastructure projects. When Americans wonder: "Where's our Hoover Dam? Where's our East River Drive?" the answer is directly traced to Obama's abdication of decision-making in 2009.
Obama may have assumed that if his first stimulus failed, he could always go back for a second. But his mission in 2009 was to overwhelm the crisis. Instead, he allowed congressional Democratic spending priorities to overwhelm his economic leadership.
2) Obama failed to mobilize the Federal Reserve to support his fiscal stimulus.
During the financial meltdown of 2008-09, the Fed acted boldly and decisively to save the banking system. Once the banking crisis was contained, however, the Fed's boldness faded. It ended its first round of quantitative easing in spring 2010, for fear of sparking inflation. Yet inflation barely existed as a problem in 2010, while unemployment remained desperate.
Comment: i think that theres no problem if obama have mistakes because after all hes a huma and he could made that and you dont have to loock the mistajes yo have to look the good things that he make
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