Where Obamanomics Went Wrong

Suppose you are a liberal and you are wondering, after the truly dismal June jobs report, what went wrong.  All right, you don't wonder.  If you are Jonathan Cohn, you merely parrot Paul Krugman about the insanity of trying to balance the budget right now and try to gum the following unchewable morsel: Addressing the government's long-term budget problem is important. But putting people back to work is also important. It's possible to do the two things simultaneously. In fact, an agreement to increase short-term deficits in ways that boost growth and then reduce long-term deficits through structural economic policy changes would be pretty close to ideal.  But the chances of that happening seem awfully slim right now. This is rubbish, because the two political parties are diametrically opposed on recession-fighting policy.  The Republican recipe to "boost growth" is to lower tax rates and regulation, and the Democratic recipe is to "invest" in stimulus...(Read Full Article)

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