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February 10, 2012
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David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage
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Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation
February 8, 2012
Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets)
February 7, 2012
Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one
Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design
February 6, 2012
Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It
Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
Jim Carney: Wrong number call may have saved her life
Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
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Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news
Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
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January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
August 19, 2010
/ 9 Elul, 5770
Obamanomics Fails: Will the President See the Light?
By
Larry Elder
http://www.JewishWorldReview.com |
The position of chair of the Council of Economic Advisers is open. How President Barack Obama fills it can tell us whether he's finally gone wobbly on Obamanomics — maybe in time to arrest some of the damage.
Would President Obama, to fill a Supreme Court vacancy, ponder whether to nominate liberal Ruth Bader Ginsburg or conservative Antonin Scalia? Would his finalists come down to Sonia Sotomayor or Samuel Alito? Elena Kagan or John Roberts?
Laughable, of course.
Such a range of choices would mean that the left-wing Obama does not know whether he wants a "constitutionalist" or a proponent of the "living, breathing document" school of jurisprudence — whether he wants a "strict constructionist" or whether he wants a jurist who decides cases based, as he put it, on "empathy."
We know where he stands. And it is not on the side of Clarence Thomas.
Now, for the chair of the CEA, would Obama's list of possibilities include both the Obama-sympathetic left-wing economist Paul Krugman and supply-side economist Lawrence Kudlow?
Don't laugh. A Washington Post columnist actually suggested that Obama consider these two polar opposites. Honestly, Kudlow? To paraphrase press secretary Robert Gibbs, somebody needs drug testing.
Kudlow, a former member of the Reagan administration and current CNBC host and syndicated columnist, advocates lower taxes, free trade, smaller government and less regulation. Krugman, a Princeton professor and New York Times columnist, wants more "stimulus" spending and called the first package "too small and too cautious." They're as different as George Patton and John Lennon.
Obama wouldn't hire Kudlow to caddie his golf clubs, let alone to lead his team of economic advisers.
Obama is a community organizer, a person who, by definition, wants government to do more, not less. Obama rails against the "greed" of capitalism and believes that "at a certain point, you've made enough money." He urges higher taxes on the rich to "spread the wealth." He admits that higher capital gains taxes actually produce less revenue but supports a hike so that the rich pay a higher percentage — a matter of "fairness." He doesn't understand that government subsidization of the housing market — through Fannie Mae, Freddie Mac, the Federal Housing Administration and the Community Reinvestment Act — sparked the unsustainable run-up in home prices. He ignores the consensus among economists and says, "The American dream … means that we raise the minimum wage not just every 10 years, but all the time."
This is not a man who plans to get in touch with his inner Milton Friedman.
"I was wrong," Obama would say by selecting Kudlow. "Unemployment is near 10 percent. It remains high despite the passage of several stimulus packages predicted to jump-start the economy, several extensions of unemployment benefits, takeovers of two domestic automakers, and bailouts of banks and other financial institutions. We are now going in a new direction."
The outgoing CEA chair, Christina Romer, pushed for the $787 billion stimulus and predicted that its passage would prevent unemployment from reaching 8 percent. When unemployment busted past that level, Romer reportedly lost power and influence.
Was she ever comfortable? When Obama chose her, some thought it a sign that Obama wanted to govern as an economic moderate. A San Francisco newspaper called Romer "decidedly centrist." OK, that's San Francisco. But she and her economist husband wrote a paper in which they sounded like Ronald Reagan: "Tax increases are highly contractionary. … Tax cuts have very large and persistent positive output effects." But Obama believes President George W. Bush wrongly gave tax cuts to the rich, who "didn't need them and didn't even ask for them."
"Every economist who's looked at it," said President Obama, "says that the Recovery Act has done its job." This is true — except for all the economists who think it failed.
Stanford economist Michael Boskin says, "The permanent government expansion and higher tax rate agenda is a classic example of what not to do during bad economic times." Heritage Foundation economist J.D. Foster says, "The problem with the idea of pump-priming the economy through deficit spending is that the government must first pump money out of the economy by borrowing it. Government spending increases public demand; government borrowing reduces private demand. Governments don't create purchasing power. They destroy it through inflation or transfer it through borrowing and spending."
What about Krugman? The Post columnist writes, apparently with a straight face: "Krugman is best known for his New York Times columns arguing that the $787 billion, debt-busting stimulus bill was not enough. … Maybe it's time for Krugman to put his money where his mouth is. You think government needs to spend more to get us out of this funk? Okay, Paul. Here's the key to the car."
No, we've been driving that car for nearly two years. Voters elected a dangerous left-winger who trusts government to run health care, car companies, banks and the student loan program.
The driver-in-chief not only sees no need for a course correction, he wants to step on the gas.
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
JWR contributor Larry Elder is the author of, most recently, "Stupid Black Men: How to Play the Race Card--and Lose."
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© 2006, Creators Syndicate
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