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The trends in place continue. Obama is increasingly polarizing the electorate. 41% strongly disapprove of the job he's doing, and only 27% strongly approve, according to the daily tracking poll run by the folks at Rasmussen. It would appear to me that Obama severely misinterpreted his election mandate, thinking that "change" meant bigger government, while the voters severely underestimated how liberal he actually was, thinking that "change" meant better government.
With cap and trade on hold until next year, and healthcare on the skids, we are left with a problem (the stimulus package passed last February) that is not impossible to fix. It's still in its infancy, and it shouldn't be too hard to cancel the bulk of the "stimulus" spending, given that the economy has emerged from recession without the benefit of 90% of the $800 billion that was supposedly essential to avoid an economic disaster. If we could recall the stimulus, then we might even be able to figure out how to avoid the tax increases scheduled for early 2011. I can dream, can't I?
8 comments:
I could never understand why conservative media attacked McCain so much and some of my otherwise intelligent Republican friends decided it would be cool to vote for Obama. Did they really think he would govern as a centrist like Clinton when the Congress was controlled by ultra-liberal Democrats? Although I hope you're right about the trends against his agenda, I can't help but think the Democrats' super majorities will ultimately enable much of the bad legislation to get passed.
Scott,
I do generally enjoy your work, and I appreciate your blog most when you discuss economics. To further give you my bona fides, I am a business owner and probably in the top 2%-ile of incomes.
All of that said, as a word to the wise, it seems pretty tacky to me that you keep publishing broadsides against the president's initiatives, particularly healthcare (which is not a deep personal concern for me or for you, I suspect) while interspersing your remarks with pix from your fab, fab Hawaiian vacation. I'm just sayin'.
txsaddletramp . . .
Let me see if I have this straight. If you go on a vacation that is a family tradition, you are not allowed to disparage government policies that are taking this fine country to hell. Do I have that right?
Scott,
We also face the problem of unsure future tax rates due to the expiration of the Bush tax cuts in 2010. Investors in large projects and big ideas care about after-tax return. Given the long term duration of these types of investments this will negatively impact investment going forward and delay recovery and hurt technological advancement (and therefore productivity).
PGD
Healthcare is indeed a deep personal concern for me. I'm not out to waste anyone's time with trivial issues or comments, with the exception of a few pics and comments from travels that I add for a bit of variety here and there.
Healthcare reform is critically important for everyone. I would sure like to see it done right, and I am firmly of the belief that Obama is going about it in the worst way. As with all bad policies, I think the victims are more often than not those who can least afford to look after themselves.
PGD: The higher taxes that are scheduled to hit in 2011 are a big concern of mine, and of the market. I have mentioned in many posts that I think the prospect of higher future tax burdens goes a long way to explaining why the market has been struggling this past year. As you say, raising tax rates will reduce investment, slow the economy's recovery, and make living standards lower than they otherwise could be.
Scott,
I hope all is well. I'm trying to invite you and Norma to Jodi's 40th birthday party. Please forward me your e-mail address. Mine is jirwin@laverne.edu
Thanks,
Jim
I know it isn't what we want to hear but if you take the South out
of the Rasmussen numbers the numbers are drastically different....
http://www2.timesdispatch.com/rtd/news/opinion/editorials/article/ED-CALD24_20090823-165804/287875/
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