Barack Herbert Hoover Obama?

Because President Obama requested and received from Congress an economic stimulus insufficient to America’s needs (as I argued a year ago on this blog), ordinary Americans continue losing their jobs and homes. So Obama and his (supposedly) brilliant economic/financial advisors must now — having seen their mistake — be preparing another stimulus request, right?

Insanely, they’re now proposing the opposite! President Obama is now declaring a three-year spending freeze (i.e., spending cut, after inflation) during the Great Recession on most everything except welfare for military contractors “defense” spending and security theater “homeland” security:

Any sane economist will tell you government spending is necessary to pull an economy suffering from insufficient demand out of the ditch. Instead, Obama’s embracing Hoover’s failed strategy of cutting government spending. Didn’t work then; won’t work now.

This comes on the heels of President Obama’s hot air about getting tough on banks — something he has quite intentionally failed to do so far, even while giving banks everything they could have wanted… and far more.

The only good thing to come out of Hooverism was FDR. But no true progressive/liberal can win the presidency in 2012, given the overwhelming financing and publicity advantages corporations and the corporate media provide right-wing and “centrist” candidates. Instead, the poor will most likely bear the brunt of Obama’s budget freeze because the poor lobby (if they have one) isn’t quite as powerful in D.C. as the telecom lobby or the bank lobby or the pharmaceutical lobby.

Posted by James on Tuesday, January 26, 2010