rather than acknowledge the failure of his political strategy and the damage to his economic strategy, the president tried to put a post-partisan happy face on the whole thing. "Democrats and Republicans came together in the Senate and responded appropriately to the urgency this moment demands," he declared on Saturday, and "the scale and scope of this plan is right."
No, they didn't, and no, it isn't.
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Krugman is one of the most respected academic economists and has a solid record of accurate forecasting and analysis. This is an opinion piece so he doesn't examine alternate views. Nevertheless, his record suggests that attention should be paid.
The marketplace has become so corrupted that new schemes of regulation are needed. Republicans for the most part remain stuck in discredited trickle down economics. They prefer to put more cash in the hands of the wealthy through tax cuts. Krugman advises Obama to push for more directed spending programs.
Mr. Krugman expounds on the idea that Obama is going to far trying to achieve "bipartisan" support. There is an ever growing chorus saying that--for example see this post: http://www.huffingtonpost.com/arianna-huffington/bipartisanship-fetishism_b_165381.html
Economist Krugman looks at the economic damage done by Republicans and centrist Democrats as they cut away at the heart of the stimulus package.
The death of partisanship has been much exaggerated. Hoping to move forward together with regressives who are trying to go the opposite direction, and are tripping you, is likely doomed to a very troubled movement.
While I agree Obama was a bit naive, after all, those sharks have been in D.C. for a long time, and you know sharks never stop moving. But I believe he learned a valuable lesson, they work for the American people. When he got out of D.C., with the town hall meetings and his news conference he schooled the Republicans. The right has to go home sometime, and I believe they will get an ear full.
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