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February 13, 2012
Binyamin Rose: Back to the Bunker: How a life-risking act by a Christian family during the Holocaust saved a family and built a thriving community a world away
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Lisa M. Krieger: Man with defibrillator demands access to his own heart's information
David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage
February 9, 2012
Laura McMullen: 10 Least Expensive Public Schools for Out-of-State Students
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
Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months
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
January 18, 2012
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
Jan. 12, 2009
/ 16 Teves 5769
Obama's economic strategy
By
Michael Barone
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http://www.JewishWorldReview.com |
How will Barack Obama govern as president? One clue, I think, is the site where he chose to make his first post-election policy speech, laying out his economic stimulus plan last week.
Presumably he had many invitations and could have made it anywhere in Washington. But he chose to trek out to Northern Virginia, to George Mason University, a school known for its free market economics department. And the plan he unveiled there is not exactly what you might have expected from a politician who in 2007 had the most liberal voting record in the Senate, according to National Journal.
To be sure, he called for massive infrastructure spending, for alternative energy investment, for more health care spending all items from the Democratic wish list. But he also called for tax cuts for individuals and businesses the sort of thing Republicans usually press for. Three weeks ago, I put forward the guess that Obama would hold himself aloof from and above his party, much as Dwight Eisenhower did in the 1950s. It seems that, for the moment anyway, I guessed right.
All of which strikes me as good politics. Congressional Democrats are complaining about the tax cuts and calling for more public works spending even though, for all their talk of shovel-ready projects, pretty much everyone knows that such spending won't provide much in the way of an immediate stimulus to the economy. And that's especially true if their environmental group allies gin up lawsuits to protect this or that supposedly endangered species from imperilment from this or that highway or bridge.
Republicans, pleasantly surprised by the presence of tax cuts, are scurrying away from the demands for all-out opposition from the likes of Rush Limbaugh and movement conservatives. They're pleased that Democrats like Speaker Nancy Pelosi are displeased by Obama's unwillingness to raise taxes on high earners immediately.
Obama seems to have drawn this lesson from recent and comparatively ancient legislative history: that both parties need to be drawn into the legislative negotiations, even though Democrats have sufficient majorities to pass a bill all by themselves.
Ancient history: Bill Clinton's decision to pass his 1993 economic package only with Democratic votes cost him and his party critical support. Recent history: The failure to draw the ordinarily powerless House Republican minority into discussions resulted in the (temporary) defeat of the $700 billion financial rescue package last September.
After 1994, Clinton pursued policies by way of "triangulation," standing above and separate from both parties and negotiating with each. Last October, Democrats and the Bush Treasury made concessions to the House Republicans. Obama is doing the same sort of thing ahead of time.
The likelihood then is that the final stimulus package will be supported by many in both parties. And that both parties will be held responsible for the results. Moreover, Obama was careful to note that good results may be long in coming. Just as he eliminated the possibility of a primary challenge by Hillary Clinton in 2012, so Obama seems to be trying to remove an issue that Republicans might run on in 2010.
Good politics, then. But is it good policy? That's harder to say. We are in the midst of a financial crisis unlike any we've seen in many years and are facing the threat of deflation, of the sort that choked off economic growth in America in the 1930s and Japan in the 1990s. Federal Reserve Chairman Ben Bernanke probably knows more about the economics of the 1930s than anyone else on earth. Outgoing Treasury Secretary Henry Paulson and incoming Treasury Secretary Timothy Geithner know as much about financial markets as just about any two experts you could find. Obama's lead adviser Lawrence Summers, in the opinion of others as well as himself, is one of the world's most knowledgeable economists.
But it is not apparent that any of them knows how to produce the optimal economic conditions that Americans have become used to over the past quarter-century at the speedy pace that American voters are inclined to demand. In a time of deflation, prices tend to fall and so it makes sense to hold onto your money and buy things next year. In a time when households are overburdened with debt, it makes sense to pay your credit cards and your mortgage down and not take on more.
Obama's decision to include tax cuts as well as stimulative spending in his George Mason speech indicates that he's not willing to bet on any one policy to succeed anytime soon and that he's interested in spreading any resulting political blame.
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The New Americans
Now, more than ever, the melting pot must be used to keep America great. Barone attacks multiculturalism and anti-American apologists--but he also rejects proposals for building a wall to keep immigrants out, or rounding up millions of illegals to send back home. Rather, the melting pot must be allowed to work (as it has for centuries) to teach new Americans the values, history, and unique spirit of America so they, too, can enjoy the American dream.. Sales help fund JWR.
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JWR contributor Michael Barone is a columnist at U.S. News & World Report. Comment by clicking here.
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