The Price of Leaving the Details to Congress

His second major progam was the National Recovery Act, in which Congress delegated extensive power to the executive branch. This was a cockamamie scheme as long-term policy: The NRA set up 700-plus industry codes setting minimum prices and minimum wages. These resulted in cartel-like collusion by competitors, by demands for and receipt of exceptions from the rules by politically adept constituencies, by widespread evasions of the rules.

By the time the Supreme Court unanimously declared the NRA unconstitutional in May 1935, it was widely unpopular and facing uncertain prospects for renewal in Congress. But in the short run, the shock therapy worked. The deflationary downward spiral of wages and prices was stopped. The economy was growing again, and the political way was open for Roosevelt to institute left-wing policies like steeply progressive tax rates, Social Security and the pro-union Wagner Act, all passed in later 1935.

Roosevelt had advantages Obama lacks. He came to the White House with far more experience. He had been a sub-Cabinet official for eight years and a war minister in World War I. He had been governor of New York -- a considerably more demanding job than answering Senate roll calls -- for four difficult years. He was widely acquainted with leading people in finance and business. Heck, he had even been married in the White House, in 1904.

In addition, Roosevelt faced a different Congress. A majority of House members elected in 1932 were freshmen -- the only time this has been the case since 1898. Committee chairmen were new to their jobs and had not accumulated long wish lists of pet projects and large retinues of lobbyists, ex-staffers and campaign contributors.

Obama faces a Democratic Congress with experienced and, in most cases, competent leaders who have been around a long time and have long wish lists and enormous retinues. Deferring to them on the stimulus seemed like smart politics. But nothing is free in politics -- the only question is when you pay the price. Obama and the Democrats seem to be paying it now.