With the White House's own economists predicting 9 percent or worse unemployment on Election Day, the president at about 39 percent job approval, college grads unable to find jobs, a quarter of American homes under water, no credible White House policy or strategy for changing things -- and with most non-institutionalized Americans convinced we are in a recession that is going to get much worse -- it is surpassing odd that Plouffe was worried that his fellow Democrats might think the president and his men believed everything to be hunky-dory.
And yet, if it is not overconfidence driving White House strategy, what is? If they were not overconfident, wouldn't they be changing their policies, staff and strategies -- as James Carville screamed they ought to? Carville says to the White House: "Panic!" And the White House responds: "What -- me worry? But we are not overconfident."
After the November 2010 election rout, many observers (not me) thought they observed a rising learning curve in the White House. The president agreed to sign into law the extension of the Bush tax cuts -- with the White House even conceding that one shouldn't raise taxes during a recession or, from their rhetorical posture -- one shouldn't raise taxes during the early stages of a recovery that is not yet sufficiently robust.
Yet in the president's recent new "jobs" policy announcement, over $400 billion in new taxes was called for to "pay for" over $400 billion of Keynesian growth injection (not to be confused with the banned word: stimulus).
Given that this administration believes in the Keynesian principle of replacing a slumped private-sector aggregate demand with public sector moneys, why would the president now be calling to raise taxes during an "insufficiently robust early stage of recovery?"
According to the actual John Keynes, when an economy experiences contraction of private-sector aggregate demand, the government should both: spend more government money -- borrowed if necessary -- and lower taxes.
Blankley, who had been suffering from stomach cancer, died Saturday night at Sibley Memorial Hospital in Washington, his wife, Lynda Davis, said Sunday.
In his long career as a political operative and pundit, his most visible role was as a spokesman for and adviser to Gingrich from 1990 to 1997. Gingrich became House Speaker when Republicans took control of the U.S. House of Representatives following the 1994 midterm elections.
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