Tuesday, February 09, 2010

Populist outrage against Obama

I think it's clear that there is a growing wave of resentment against the Obama administration, but it looks to me like it's ill founded. It's not founded on the basis of stuff that he's actually done that's wrong but on the fact that in one year he hasn't completely reversed the economic decline and reduced unemployment to zero. The problem with this is that it's such a big job that it wouldn't likely produce huge results like this overnight, and that the results which are showing up, even though they're helping people, are largely invisible on the grand scale. So it may appear to people like the stimulus bill hasn't been doing anything while in reality it has. The proposal to stop spending all together will be worse than what people perceive the actions of Obama as achieving. But then I took two classes in economics and a bunch of classes in political economy so what do I know.

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