Krugman: Talk Is Cheap — And Irrelevant

[ProSense]

January 15, 2010

Talk Is Cheap — And Irrelevant

So there appears to be a spreading piece of conventional wisdom saying that instead of trying to pass health care reform, Obama should have “focused on the economy”. I’m with Kevin Drum: I have no idea what this is supposed to mean.

It would be one thing if pundits were saying that Obama should have passed a bigger stimulus plan and nationalized some banks. But if that’s what they mean, they should be saying that. And that then raises two questions: could the stimulus have been made larger, politically? (I say yes, but many disagree). And if so, why would that have conflicted with health reform later in the year?

Anyway, I’m quite sure that Charlie Cook and the like aren’t actually quarreling about macroeconomic policy. What they mean by “focusing on the economy” is, almost surely, talking about it — you know, just like the way to fight terrorism is to talk a lot about terrorism.

And why on earth does anyone think this would have helped? I guarantee you, more speeches on the economy would not have produced more job growth. Would they have made the public feel better about 10 percent unemployment? (Hey, Obama’s plan may not be working, but he sure sounds like he’s trying!)

Obama’s problem isn’t that he tried to do too many things; it’s certainly not a lack of focus. You can argue — I do argue, and did at the time — that he settled for too weak an economic plan in the first few weeks of his administration. But did any of the pundits now criticizing his lack of focus on the economy ever say anything like that? No.

[Zynx]

1. The issue is that $787 billion is the most we could pass and we already did that.

What the hell else is he supposed to do? We are so deficit-obsessed now that we can't spend a dime more on anything without offsetting it with something else.

[inna]

2. Deficit spending is for important things only.

Such as wars and bankster bailouts.


:crazy:

[midnight]

3. Time for another economic surge.... but this time for mainstreet....

[Clio the Leo]

4. Speak to it Brother Paul! NT