When Obama angrily dismisses Romer’s umpteenth argument for more stimulus, it’s not because he disagrees. It’s because he can’t get it passed. “Enough!” Suskind quotes him as shouting. “I said it before, I’ll say it again. It’s not going to happen. We can’t go back to Congress again. We just can’t!”
...The initial stimulus was too small, but there’s no plausible case that Congress would have been willing to make it much bigger just because the Obama administration had a theory that the financial crisis would lead to a worse recession than most forecasters expected.
...in general, the fundamental constraints on the administration’s leaders have not been economic or conceptual, but political. They know they need to act. But they can’t act, or at least they can’t act at the scale necessary to really change the economic situation. Republicans won’t let them. Between 2009 and 2011, Senate Republicans launched more filibusters than we had seen in the 1950s, 1960s, and 1970s combined. Democrats had sixty votes for a short period of time, but with Senators Ben Nelson and Joe Lieberman included in that total, they never had easy control of the Senate, whose minority leader, Mitch McConnell, said in October 2010, “The single most important thing we want to achieve is for President Obama to be a one-term president.”
...As it is, both major channels for economic change are clogged, and there appears to be little immediate hope of unblocking them. The president is but one actor in the drama of American politics, and he is quite constrained in his capacity to make—or remake—American policy.
The mass media rarely mentions that, but nor do most presidents. Indeed, the greatest confidence man of the last few years, at least going by Suskind’s definition, was not Larry Summers or Timothy Geithner, but Barack Obama. Being a confidence man is almost in the job description of the insurgent presidential candidate. Having not been president before, you must, by definition, ask the American people for a trust you have not earned.
And Obama was better at this than most. He gave America hope. He made America believe he could deliver change. And, by the standards of Washington, he has probably done more than anyone could rightly have expected. Stimulus, health care reform, the end of “don’t ask, don’t tell,” the creation of the Consumer Financial Protection Bureau, the Lily Ledbetter Fair Pay Act, the payroll tax cut, new tobacco regulation—this is much more than your average first-term president achieves.
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