Keynesian Economists Rip Obama for Failed Keynesian Policies

By:  Bob Adelmann
12/29/2011
       
Keynesian Economists Rip Obama for Failed Keynesian Policies

The results of the Associated Press’ survey of 36 Keynesian economists — economists who believe that government is the driving force behind a strong economy — are in: President Obama received just “mediocre marks” for his handling of the economy since his inauguration on January 20, 2009. Half of those surveyed rated his performance as “fair” while 13 rated it as “poor.” The remaining five gave the president a rating of “good.” None rated his performance as “excellent.”

The survey included explanations for why his performance was so poor even though he has surrounded himself with Keynesians. Some said he didn’t do enough: The stimulus wasn’t big enough. William Cheney, chief economist at John Hancock Financial Services, said Obama’s administration “generally tried to take the right kinds of measures but have often failed to lead with enough vigor to overcome political obstacles.”

Some said he tried to do too much and got distracted by hammering Congress into voting for his healthcare takeover. Joel Naroff, president of Naroff Economics, said, “Health care wasn’t necessarily the most important thing to be dealing with when you’re in the midst of the worst recession since the Great Depression.”

The results of the Associated Press’ survey of 36 Keynesian economists — economists who believe that government is the driving force behind a strong economy — are in: President Obama received just “mediocre marks” for his handling of the economy since his inauguration on January 20, 2009. Half of those surveyed rated his performance as “fair” while 13 rated it as “poor.” The remaining five gave the president a rating of “good.” None rated his performance as “excellent.”

The survey included explanations for why his performance was so poor even though he has surrounded himself with Keynesians. Some said he didn’t do enough: The stimulus wasn’t big enough. William Cheney, chief economist at John Hancock Financial Services, said Obama’s administration “generally tried to take the right kinds of measures but have often failed to lead with enough vigor to overcome political obstacles.”

Some said he tried to do too much and got distracted by hammering Congress into voting for his healthcare takeover. Joel Naroff, president of Naroff Economics, said, “Health care wasn’t necessarily the most important thing to be dealing with when you’re in the midst of the worst recession since the Great Depression.”

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