Fisking the president, and a look back at 2008

Keith Hennessey takes a devastating axe to Obama's op-ed. Read it and weep.

I've become quite disappointed with the Democratic congress and Obama administration's handling of the economy. I'm convinced the situation would be measurably better if we had done a large payroll tax cut instead of the stimulus Christmas tree that has yet to kick in.

McCain and Palin know nothing of economics, which is part of why their campaign was incredibly pathetic. Yet were they in office, they'd be surrounded by advisors like Keith. This could potentially have outweighed their ignorance, if they listened well. But given how Democratic the congress is, much would turn on how they worked together. For all its flaws, the stimulus we have today is arguably better than nothing. Although its provisions have yet to kick in at a meaningful level, its psychological effect has been positive. Back in January, people needed to be reassured. Fear itself was a problem. People are less fearful now, and this is undoubtedly good. Unfortunately, it's impossible to know whether the interaction of McCain and a Democratic congress would have been better. I guesstimate 30-40% odds of being better.

The ideal political-economic situation would likely be Obama and a Republican congress. If I could swap this congress and administration out for Bill Clinton and Newt Gingrich, I'd do it in a heartbeat.

Which brings me to evaluating my satisfaction with voting straight Democrat last election...

My vote for congress in '06 and '08 turned on my exasperation with Republicans' handling of non-economic issues. The blind and unrepentant support for an unjust war, lack of oversight on the Bush administration's crimes against humanity, expansion of executive power, disregard for the rule of law, their hostility to equal rights, and absurdities like the Terri Schiavo law were far too much to take. I regret the economic consequences of my vote, and am unlikely to vote Democrat in the future, but such Republican excesses gave me no choice for these past two cycles. It was the right call.

Obama vs. McCain on the economy feels close to a toss-up. As mentioned, the interaction of a well-advised McCain with a Democratic congress could have been better, but it also could have been worse. So I'm close to ambivalent on this. But Obama vs. McCain on everything other than the economy is a solid win for Obama. He hasn't moved to right the Bush administration's wrongs as swiftly as most of us hoped, but McCain was essentially running for Bush's third term and that's what nightmares are made of.