In Keynesian theory, this is exactly the time that government has to step into the fray and spend, even if it has to borrow to do so.
Obama and Congressional Democrats have utterly failed to explain this to the American people. As a result, we can rest assured that the economy will be sputtering in November 2012--and beyond.
Can you say "President Bachmann"?
It could happen. Obama continues to follow a path of weakness that he established before he even took office. Let's return to that fateful day in January 2009:
Why has the "look forward, not backwards" philosophy been so damaging? Let's look back at the exchange between Stephanopoulos and President-Elect Obama on January 11, 2009:
Q: The most popular question on your own website is related to this. On change.gov it comes from Bob Fertik of New York City and he asks, 'Will you appoint a special prosecutor, ideally Patrick Fitzgerald, to independently investigate the greatest crimes of the Bush administration, including torture and warrantless wiretapping.'
OBAMA: We're still evaluating how we're going to approach the whole issue of interrogations, detentions, and so forth. And obviously we're going to be looking at past practices and I don't believe that anybody is above the law. On the other hand, I also have a belief that we need to look forward as opposed to looking backwards. . . . My orientation is going to be moving forward.
Obama has vowed not to look backwards. The debt-ceiling deal shows he is not very good at looking forward, either.
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