Hope, Hubris and Obamanomics

by Robert Stacy McCain | May 1, 2009 7:51 am

[1]“The stimulus-and-bailout policies have not addressed the fundamental problems of the economy — namely, an excess of debt and a shortage of capital to spur job creation — while the entitlement trainwreck of Social Security and Medicare loom immediately ahead. By piling on new trillion-dollar deficits, at a time when the recession will result in significant tax revenue shortfalls, the Democrats are steering the economy into a stagflation trap.
“If the economic situation actually worsens between now and fall 2010 — and there are many reasons to believe it will — the public-opinion polls of April 2009 will have proven a false omen, which served only to swell the pride that went before the fall[2].”