Obamanomics doggedly followed the opposite of Reaganomics in every detail. The centerpiece of Obamanomics was the old-fashioned Keynesianism that was a proven failure and left for dead 30 years ago. That was reflected most of all in Obama's February 2009 trillion dollar stimulus package. That didn't work because borrowing a trillion dollars out of the economy to spend a trillion dollars back into the economy does not add anything to the economy on net.
And borrowing two trillion for the stimulus instead still wouldn't have done it, for the same reason. Those calling for still more of the same Keynesian snake oil are just self-identifying themselves as hopelessly deluded fools who must not be taken seriously ever again. Worse than not working, Obama's trillion dollar stimulus already drove us to the brink of bankruptcy. Going for still more now as advocated by the mentally blinded would be walking off the cliff with our eyes closed.Perhaps the president can be forgiven for mixing up precipice and cusp.
But if the problem were "just words" Axelrod could probably fix it. Ah yes we can, now it's a "replay" of "good stagecraft".
...what's playing in Chicago this summer.
Uneasy (blip? well, apparently not) lies the head that wears the crown.
More. Hilarity from Axelrod and his pet creatures at Huffpo (emphasis mine):
While Goolsbee is returning to his teaching post at the University of Chicago, he will continue to advise Obama and, more significantly, will play a role in his reelection campaign.
The president personally asked Goolsbee to remain in that advisory role -- and for good reason. As top advisers note, among the cadre of officials who have served on Obama's economic team, few have the capacity to serve as an effective spokesman. Goolsbee, a top collegiate debater and frequent television presence, stands head and shoulders above the rest.
"There's no one who articulates our position better," said David Axelrod, the longtime Obama confidant and soon-to-be top reelection aide, in an interview with The Huffington Post. "[Goolsbee] has the broadest range: He can talk to very sophisticated economic audiences, and he can talk to general audiences because he has a gift for saying his ideas in a clear but colloquial way."Actually, there's no one else left: the only economist left on his core economic team. Hahaha. Nice try. (Oh, and they're bringing back the brilliant Mao See Dunn to the campaign.) But what did the guy actually say: Goolsbee Gone After Admitting Government Can't Drive Recovery
P.S. From the NY Times piece:
Mr. Goolsbee, an amateur comic, was the public face of White House policies more often than predecessors, often using a white board, and is likely to play an informal role from Chicago during the 2012 campaign.About that white board. Comic...And Sen. Durbin spinning out of both sides of his mouth. How about passing a budget? This constituent is holding you accountable.