In his weekly radio address, the President provided a broad defense of several domestic policies and addressed the criticisms this week that his economic stimulus was not working, or working fast/well enough.

In an earlier post, I summarized the arguments being made by Republicans, which are disingenous, and the more important arguments being made by prominent economists. You’ll find several links to articles/posts by those economists there.

The President responds to the Republicans, but he ignores the more important economists’ concerns.

Krugman, Galbraith, Stiglitz, DeLong, Baker et al agree the stimulus takes time and that re-employment always lags "recovery," but a major point the President’s statement ignores is that the loss in consumption is vastly greater than the stimulus can fill, even if it works exactly as planned.

And then there’s this:

You Are Here

You Are Here

Obama’s advisers understand the economists’ arguments, and the fact that they wrote a speech for Obama that ignores them is not encouraging.

In the meantime . . . lots of Americans are in for a very long, difficult time.



John has been writing for Firedoglake since 2006 or so, on whatever interests him. He has a law degree, worked as legal counsel and energy policy adviser for a state energy agency for 20 years and then as a consultant on electricity systems and markets. He's now retired, living in Massachusetts.

You can follow John on twitter: @JohnChandley