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Friday, August 7, 2009

After the Thrill Is Gone

Washington Post columnist Michael Gerson declares an end to Barack Obama's Presidential Honeymoon, arguing despite a unique opportunity to turn personal popularity into policy success, Obama ended up with only the Stimulus Package to show for it:

President Obama staked the initial reputation of his administration on the wisdom, restraint and economic innovation of House Speaker Nancy Pelosi and the rest of the Democratic congressional leadership. It was a mistake. The legislation they produced plugged the fiscal holes in state budgets and Medicaid, and it indulged eight years of pent-up Democratic spending demands on priorities from education to child care to Amtrak. The package did little to promote investment, job creation or economic growth. By one estimate, about 12 cents of every dollar spent was devoted to genuine economic stimulus. While Obama himself remains popular, support for his largest legislative achievement now stands at 34 percent. (more)

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