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Author Scheiber: Obama Economic Team Escaped Depression, Fumbled Recovery

By    |   Monday, 05 Mar 2012 07:55 AM

President Barack Obama has received heated criticism from Republicans for doing too much in the way of fiscal stimulus. Now comes an argument from the left that he did too little.

Noam Scheiber, senior editor for The New Republic, makes that case in a new book, “The Escape Artist: How Obama's Team Fumbled the Recovery.”

"I think they missed an opportunity out of the gate," he tells Yahoo.

Editor's Note: Wall Street Insider Exposes Death of Main Street America

“While the stimulus worked and helped get the economy back on a track of growth, it ultimately was a half-measure that disappointed."

Scheiber cites a 2009 memo from Christina Romer, then head of Obama’s Council of Economic Advisers, in which she maintained that a $1.8 trillion stimulus was necessary to tamp the unemployment rate back down to healthy levels by 2011.

A stimulus package of $787 million was enacted. The unemployment rate stands at 8.3 percent.

In the end, “they averted disaster. We could have been looking at a depression. You have to give them credit for that," Scheiber says.

But, "you have to take them to task for the fact that this thing went on two years long than they were thinking."

Historians will argue forever whether the Obama administration did too much or too little on the fiscal side – and whether the Fed has done too much or too little on the monetary side.

The bottom line is that the economy and jobs market are recovering moderately.

Editor's Note: Wall Street Insider Exposes Death of Main Street America

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2012-55-05
Monday, 05 Mar 2012 07:55 AM
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