Monday, December 20, 2010

The passing of a two-year era

Robert Kuttner reminds us in The Stimulus That Isn't Huffington Post 12/19/2010 reminds us that a promising moment in American history has passed in the last two years. There will be others. But that one is now history:

The watershed year 2008 was a political moment when an incoming Democratic president had all the raw material for a dramatic break with the old order -- when Republicans, Wall Street, and laissez-faire ideology were primed to take a richly deserved fall for the economic collapse.

Obama chose not to pursue that course. Instead, he identified himself with reviving Wall Street and pursued a feckless bipartisanship and a feeble recovery program.

Last spring, Obama and his aides were on the road assuring everyone that the administration's economic program would produce a "Recovery Summer," which never came. Now, Obama is repeating the mistake. Adviser Larry Summers' valedictory message is that the even weaker tonic of the tax deal will somehow restore economic jobs and growth. Crying recovery, when recovery doesn't come, is even riskier than crying wolf.

Six months from now, when the economy is still in the doldrums, either Obama or some other Democrat had better stand up for a real economic recovery program -- or no Republican will be too grizzly to be elected president in 2012. [my emphasis]
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