1. David Leonhardt has a long, thoughtful article on the economic thinking of Barack Obama.
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The lede was buried, down on page 8:
“Maybe his health-care program won’t bring down costs.”
“Depending on how you look at it, he is both more left-wing and more right-wing than many people realize.”
That says plenty about the piece. Typical Times’ on the one hand, on the other hand journalism. If Truman were alive today he’d say give me a one-handed Times reporter….
Haven’t read the whole thing yet, but this stood out:
“My core economic theory is pragmatism,† he said, “figuring out what works.†
“Figuring out what works† is what FDR did in the 30′s during the Great Depression. That economic theory promoted uncertainty which exacerbated and lengthened the depression. It also setting the stage for unprecedented expansion of the government into the private sector.
Was anyone else confused by there being only 1 assorted link(s)?
Very strange eclectic writing — pretending to be of a whole, but trailing all across the spectrum along the way. I agree with some of the other points above. The author repeatedly argues that the poor have not done well, that government programs can increase prosperity (how?) and so forth.
One thing that really struck me: the Virginia model, where government spends and spends and the people are better off. Except most of that spending is FEDERAL dollars – for military employment. Yeah, maybe, but that doesn’t mean we can apply that model to the country. I guess if we tax Europe to its tipping point to run our military, we can increase our GDP. Who should tell them?
I came closest ever on this one to breaking down and getting a login to NYTOL.
“Yet laissez-faire capitalism hasn’t delivered nearly what its proponents promised. It has created big budget deficits, the most pronounced income inequality since the 1920s and the current financial crisis.”
It is interesting what people think they hear. I’ve never heard or read any of these promises. I’ve always pondered whether the swings and the gaps would be larger, but the absolute levels higher under a freer market. I just don’t see swings and gaps as a problem. If Joe has a bigger yacht than I do, and if in a recession I have to downgrade to a 50-footer, that’s not a problem to me. If the free market solved all the problems liberals agonize over, then we wouldn’t need liberals. As for the budget deficit, we cut taxes and didn’t cut spending because of the “surpluses.” Is the free market supposed to supply INFINITE funds?
If you can get past the first page, which contains all the standard rhetoric about how the sky is falling, the piece is quite interesting. The author is quite optimistic, which I suppose reflects Obama’s optimism as well.
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