Robert Reich Weighs In, And The News Isn't Good For Incumbents

Robert Reich, on faculty at Berkley, is no right-wing nutjob, as ObamaBob and company would like to characterize any who dare disagree.


As a matter of fact, he's come to the same conclusion as Denninger--the economy is not recovering, and having the guv'mint hose it down with cash isn't helping.

What does all this portend for November’s midterm election? Unless the economy moves into high gear, and unless America’s anxious class feels substantially better, incumbents are in trouble.
....

In fact, if you exclude temporary boosts like the government stimulus and the restocking of company inventories, the U.S. economy would not have grown in the first quarter. As these temporary boosts fade later this year, consumer spending is the only thing that will keep the economy going. But consumers won’t be able to spend what they don’t have.

Some economic cheerleaders predict employers will increase wages as their profits grow. That’s nonsense. With five jobless workers for every job opening, employers are under no pressure to raise wages.

This conclusion from a man on the Obama transition team. How will ObamaBob explain him away?