Written by Simon Johnson
July 14, 2010 at 12:47 pm
David Axelrod was on the Diane Rehm show this morning – a great opportunity to connect with listeners who will actually stop what they are going and pay attention, at least for a short while. He was awful.
He had even the most basic facts wrong – it’s not “8 million people have lost their jobs” but rather “more than 8 million jobs have been lost” since December 2007. He rambled – it was hard to see his point, particularly in the introduction. But most of all, there was no narrative – why exactly did we have a recession, why has it been so bad, and why aren’t the jobs coming back?
Without a narrative, how can anyone make sense of the past 18 months?
Axelrod can choose his narrative – and obviously doesn’t need to agree, for example, with the view that the financial system became dangerous and now needs to be reined in - but he has to say something coherent. You can’t just make isolated points like “the fiscal stimulus helped” or (even more confusing) “we’ll now address the budget deficit.”
There was really no explanation for why the economy has become such a difficult place for so many people. How did we go from apparent prosperity in 2007 to the deepest recession of the past 50 years? And how are we going to get the jobs back?
remainder in full:
http://baselinescenario.com/2010/07/14/david-axelrods-talking-points/