Yep, that's right- According to Reich, the people are against the Obama agenda because the stimulis was too small to work, the healthscare bill was "not large or bold enough", not enough homeowners were bailed out, and the Dodd-Frank bill is not invasive enough. If only these things were done on a grander scale, they would have worked, and we would all be praising Obama's boldness. You see, his agenda is the right course, it was just too constrained by the opposition. Got it?
Consider the stimulus package. Although it's difficult to separate the consequences of fiscal and monetary policy, most knowledgeable observers conclude that the stimulus has had a positive effect. Real GDP is now increasing at an annual rate of 2.4%, and although the recovery is still fragile it's unlikely we'll fall back into a full-fledged recession.
Yet the official rate of unemployment remains above 9%, not including millions either too discouraged to look for work or working part-time when they'd rather have full-time jobs. Almost half of the jobless have been without work for more than six months, a level not seen since the Great Depression.
The central problem continues to be inadequate aggregate demand. The administration's original sin was not spending enough and focusing the stimulus more directly on job creation.
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A stimulus too small to significantly reduce unemployment, a TARP that didn't trickle down to Main Street, financial reform that doesn't fundamentally restructure Wall Street, and health-care reforms that don't promise to bring down health-care costs have all created an enthusiasm gap. They've fired up the right, demoralized the left, and generated unease among the general population.
http://online.wsj.com/article/SB10001424052748703999304575399420815017804.html?mod=djemEditorialPage_h
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