My Forbes column is up this week and it presents some quick reactions to the Obama jobs speech last night. A brief excerpt:
Overall, I found the package to be an incredible mish-mash of already tried and failed steps to rejuvenate the economy. Even if I were to buy into the Keynesian stimulus logic, everything in this package is so under-scale as to be rounding errors on the larger economy. This is basically a smaller version of the last failed stimulus repeated.
This plan is absolutely in the Obama style, offering goodies to many constituencies without a hint of how they will be paid for. Presidents often offer a chicken in every pot when they are campaigning, but usually are forced into reality once they enter office. Not Barack Obama. Time and again, from health care to the most recent budget fight and last night’s speech, Obama wants to be loved for offering perks, and then wants someone else to take the fall for the unpopular steps required to pay for them. He is like grandma endearing herself to the grandkids by buying them Christmas presents on dad’s maxxed out credit cards, leaving dad to later figure out later how to pay for them or face the ire of the kids by returning the gifts.