The two basic shortcomings of Obamanomics are that Obama is planning for 2009 with ends that are very 2007 (compact fluorescent lightbulbs! carbon! inequality! health insurance for everybody! spiff up inner city schools!) and means that are very 2008 (Carnival in Rio spending!).
December 11, 2008
Obama's thinking is still stuck in the 2007 mindtrap, the assumption that the fundamental problem of scarcity has been solved so now all we have to do is redistribute wealth and reorganize society in a more Stuff White People Like fashion. Instead, it turns out the Bush Boom was really a Bush Bubble and we actually have much bigger problems than the conventional wisdom of 2007 assumed.