his key advisors — Goolsbee, Orszag, Romer, Summers — have now quit and did not last even three years, their policies orphaned by the very parents who spawned them. Even the president joked that “shovel-ready” was a joke. When he evokes “stimulus” and “investment,” in response, we do not even think “borrowing” and “taxes,” but rather “he’s clueless again.” The old argument that we simply did not borrow enough (say, $5, $6, $7 billion a day?) is laughable beyond the point of caricature, given that the administration followed the Bush record of record peacetime debt. The only mystery is whether the massive Obama borrowing was a product of incompetence, a poorly thought out gorge the beast way of increasing taxes and redistributing income, or a more cynical effort at creating a permanent constituency of millions of new food stamp recipients and federal workers. Or more than that still.
We keep hearing this same thing again and again now, and from Democrats too.