When Paul Krugman has a headline like that, it doesn’t exactly cheer me up:
Here’s where we are: growing GDP, but mass unemployment still the law of the land, with only tiny progress so far. What can be done?
Well, we could have more fiscal stimulus — but Congress is balking even at the idea of extending aid for the ever-growing ranks of the long-term unemployed. Fiscal responsibility, you see — hey, and let’s make sure estate taxes stay low!
[…]It’s depressing: shibboleths and conventional wisdom are blocking all routes out of this slump. And I worry that policy makers will just sit there, for years and years, all the while congratulating themselves on the soundness of their policies.
Come on, Paul, just say it: Obama’s doing a piss-poor job on the economy. He picked those policy makers, he’s choosing to implement their policies. The buck stops at the Oval Office.