There's much here to read, authored by Michael Barone, but the fact that National Public (all government spending is good/all Republicans are evil) Radio is releasing this story means the rats are fleeing the ship.
He opens his essay this way:
'The pace of economic recovery is likely to be more modest in the near term than had been anticipated.'' Those were the carefully chosen words of the Federal Reserve Board after its meeting Tuesday. Translation into English: We wuz wrong.
So were a lot of people, including departing White House economics adviser Christina Romer, who wrote that the Obama Democrats' February 2009 stimulus package would hold unemployment below 8 percent.
It wasn't just administration spokesmen who expected a solid recovery. California economist Bill Watkins in New Geography recalls a conference last fall in which all the other economists presented rosy scenarios and only he forecast extended malaise. He was relieved that his colleagues didn't pelt him with tomatoes.
He goes on to quote a European author, Marc de Vos, about the failure of 'state capitalism'.
Can you imagine NPR including a quote such as this even six months ago?
Modesty, unfortunately, is not the dominant character trait of a president who predicted that his election would be seen as ''the moment when the rise of the oceans began to slow and our planet began to heal.''
But facts are stubborn things. The fact that the private-sector economy has not responded as administration economists expected and confidently predicted should be a wake-up call.
Facts are indeed, stubborn things. And one fact is that Himself will soon find Himself buck-nekkid while the chill winds blow.
Romer's gone, can't stomach having to lie anymore, and she's discredited already.
Not even NPR, dependent upon Federal dollars, will cover his behonkus anymore.
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