Wednesday, April 24, 2019

We Tried To Tell You

Not that it's about *me* (as the little voice in my head screams MEEEEEEEEEEEEEEEEEEEEEEEEEEEE), but it was a bit difficult in the early days of the Obama administration pointing out how badly they were fucking things up. And they did fuck things up and a lot of people suffered and all so Tim Geithner's pals could stay rich and so the Gods Of The Market could be pacified by the continued immiseration of the population. I haven't read Reed's book yet, but he's not the obvious person to play the role of critic.

In the end, the stimulus would prove weaker than even Romer thought. Unemployment would remain over 9 percent until late in 2011. The unimpressive recovery surely contributed to the massive vote swing toward the Republicans in the 2010 midterm elections and their takeover of the House of Representatives; the slow hard march back to prosperity left many voters still bitter even in 2016. To the extent that the decision to ask for a smaller stimulus resulted from, as David Axelrod tells Hundt, “political judgments, not economic judgments,” it backfired. The Democrats gained no evident support for their demonstration of restraint in crafting a spending package, and their apparent ineptitude in fighting the recession weakened them when afterward they sought vital environmental and health care legislation.

That these supergeniuses didn't understand that "I lost my job and am losing my house" was more important than headlines about a fiscally conservative stimulus or lukewarm praise from David Brooks or some bullshit...