With nearly 40 million people on food stamps (a 50% increase from 2007) and 10 million in unemployment insurance programs (4 times the 2007 number) (USA Today), it’s really depressing to see President Obama focus on the Middle East, like a late second-term president. This is only year two and the state of the nation is in the toilet. NYT’s Very Important news analysis on trying to buck odds, or just seem to look active despite the paralysis of his national agenda.
I hold the view that when the Fed is zero bound (can’t do any more with interest rates if they’re at zero), it’s the only time government stimulus actually works, so he should get on that – like 6 months ago. Watching the Obama presidency has been like being present to a slow motion car crash, where you see a car driving purposefully around the corner and suddenly the car’s airborne and flaming, flipping wildly on to a crosswalk of oblivious school children.