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Breaking: CNN Ignores Story of Nation Falling Off Cliff

7:48 am in Uncategorized by Scarecrow

Once again, it is time for our weekly headlines that didn’t make it to CNN’s John King, because those nice folks at FDL are just too darn polite.

Breaking: Obama to switch parties, says he feels more comfortable in Reagan’s Party. Lennon/Ono photo to follow. Liberals cheer, throw rotten tomatoes.

Breaking: Dems to rename selves; be called “the Party that abandoned the New Deal” Liberals boo, throw rotten tomatoes.

Farmers report surging demand, prices for last week’s tomatoes. Economists who missed housing bubble baffled.

Man almost hits Murdoch with shaving cream pie; his phone line now being hacked.

Fox News plans Murdoch hacking special hosted by Steve Doocy: “The Rupert We Never Knew. Oh, wait . . .”

Nation’s people, Cities, crops, forests burning up while DC pretends it’s not happening, House strips climate research/regulation funding.

Radical group arrested for allegedly plotting to pull plug on Capitol Building air conditioners.

Chamber of Commerce, Business Roundtable, Wall Street start to panic; learn meaning of caveat emptor for buying Tea-GOP.

Economy stalled, jobless forgotten; so Congress and President develop $3-4 trillion dollar plans to restart recession, mimic 1937.

NYT editorial praises Gang of Six for recession-inducing plan it describes as reprehensible but not as godawful as those others.

“Audit the Fed” report shows Federal Reserve gave $16 trillion in loans to everyone in top 1 percent, including foreign banksters, who crashed the economy. Funny how they don’t call that a “debt crisis.”

Obama promises not to complain when GOP Senators reject his Not-Warren appointee to consumer agency.

European Ministers solve Greece problem: Agree they’ll all hold breath together until they pass out.

Wars? What wars? We don’t even do hostilities.

Nation happy to end Shuttle space program, because government never created any jobs or did anything that made us feel proud.

Emperor Grover Norquist uses tax cuts to buy new clothes; does naked flip-flop.

At least 80 Tea-GOP House members pledge to force default and damage US credit, in open defiance of US Constitution. If one al Qaeda member did this, Joe Lieberman would want him in Guantanamo.

This week’s advice. Buy mushy tomotaoes.

Earth to Obama: Tea-GOPs Are Okay If Govt Stops and Economy Fails on Your Watch

11:49 am in Media by Scarecrow

As the nation careens towards the cliffs of insanity, I’ve yet to see a convincing explanation for why President Obama is helping the destructive elements of the Tea-GOP blackmail the government and force reductions in dozens of programs that represent the fundamental purposes of government.

I don’t have the slightest doubt Mr. Obama wants to preserve government functions, even if he’s willing to accept reduced levels of efficacy and benefits to Americans and unwilling to demand the most well off pay for them. And I’m certain he wants the debt level raised enough to avoid confronting that issue again before the 2012 elections. I assume he wants the solution to impose minimum damage to the economy, even if I fundamentally disagree with his economic analysis. Surely he believes his reelection strongly depends on whether voters believe the economy and jobs are on a credible path to recovery.

So we’re left to speculate how the White House thinks it can overcome the fact that the dominant party in Congress has chosen to hold the US economy hostage and risk a worse recession and/or a costly rise in interest rates and potentially catastrophic hit to US credit. What’s their logic? How does this end?

We got a hint of Mr. Obama’s thinking today when he again clearly endorsed two prevalent myths: the confidence fairy belief that up to $2 trillion in business investment and hiring are just waiting for a deficit deal even though there are not enough customers with enough money to buy their products, and the preposterous notion of Tea-GOP rationality and good faith.

What we can do is to solve this underlying debt and deficit problem for a long period of time, so that then we can get back to having a conversation about [jobs]. Read the rest of this entry →

Obama Sings Tea-GOP Song to Unemployed: La, La, La, We Can’t Hear You!

11:40 am in Uncategorized by Scarecrow

President Obama appeared in the Rose Garden this morning to respond to the dismal jobs report (Baker; more here from Konczal) that showed unemployment rising to 9.2 percent over 18 months after the recession supposedly ended. He responded by not mentioning that number or grappling with what it means.

Instead, he continued the excuses and pseudo-economic gibberish that makes sense only to Tea-GOP Zombies and which explains why we’ve made virtually no progress in regaining the jobs we lost. He no longer has a meaningful jobs program but is instead clinging to confidence fairies and expansionary austerity unicorns, which are even less helpful than guns and bibles. It has become pathological.

Misjudging the situation and denying responsibility have become the trademarks of Mr. Obama’s economic record. And so our economy remains at risk, not only because it’s under unrelenting assault by economic Luddites but because he keeps his head in the sands of Tea-GOP talking points.

The only honest response Mr. Obama could have given would be an admission that his employment recovery plans had failed. Tim Geithner and Ben Bernanke saved the banks, for now, and our slanted tax laws and trade agreement outsourcing saved large corporations who are now sitting on nearly $2 trillion in unspent, uninvested funds.

That $2 trillion is about what the economy needs to put a large chunk of the jobless back to work. But there’s no one left in this Administration who either cares or knows how to refocus the nation’s vast wealth to save desperate states, under- and unemployed workers, the uninsured and everyone else in desperate need.

Obama conceded during the twitter event that he and his advisers underestimated the severity of the Great Recession he inherited. Fair enough; lots of smart people did. The last two administrations created the reckless conditions for a housing bubble, financial collapse and an economic depression, and it almost happened. But what are the implications of that truth? Read the rest of this entry →

David Brooks Is Disgusted . . . With the Wrong People

7:42 am in Economy, Executive Branch, Legislature, Politics by Scarecrow

David Brooks is disgusted at the Tea-GOP Zombies. In another bridge-burning column, he calls out the Tea-GOP Zombies for being not only ideological zealots “unable to accept compromise,” but also anti-intellectual morons having “no sense of moral decency.”

But before you cheer Brooks’ acknowledgement of what the rest of the planet realized long ago, consider what it is Brooks believes is morally indefensible versus what is reasonable and wise.

It seems those crazy Tea-GOP Zombies are immoral because they are preventing the presumably “moderate” GOP leadership from accepting the “deal of the century” on deficit reduction. They thus risk having voters conclude that the Tea-GOP has become nothing more than destructive fanatics who are “unfit to govern.” Uh, where have you been, Joe DiMaggio?

Though the Tea-GOP Zombies reject it for the wrong reasons, the “deal of the century” is not something the American people should want. Brooks can’t even get the most basic facts right. He claims this deal offers a 3:1 ratio of spending cuts to revenue increases. Uh, it’s more like 6:1 5:1, with revenues only 17 percent, but what’s a little math error when you’ve missed the larger point.

He claims it does nothing to imperil economic recovery, even though economists explain that any deficit reduction now will hurt the near-term recovery. Christy Romer points out that spending cuts will do more damage than tax increases; indeed, tax increases or spending cuts on the middle class are worse for the economy than increased taxes or spending cuts on the rich.

He claims the deal does not increase marginal tax rates, a favorite canard of those who can’t connect the dots when the feds deprive states of needed funding to prevent massive layoffs and cuts. States raise effective tax rates on public employees by cutting salaries and pensions and raising employee benefit contributions. If the tax rates on the rich were increased enough to avoid these de facto middle class tax increases, Brooks would be howling along with Cantor and Boehner about how unfair it all is and how foolish it is to raise taxes in a bad economy.

He claims the deal would put the country on a sound fiscal footing. Uh, no it won’t. In a rational world, sound fiscal footing needs solid growth and keeping productive workers employed and fairly sharing in the nation’s wealth, but this deal won’t help. We need an increase in tax rates or lower wealth transfers and subsidies for the wealthiest Americans for the simple reason those are unfair and wasteful. Those folks have hoovered up virtually all of the economy’s growth over the last two decades.

A sound fiscal policy would move to correct a maldistribution that is producing record poverty, record numbers of folks without health insurance, massive unemployment, starving education, and declining prospects for the bottom two thirds of Americans.

Even in strict budgetary terms, the long-run debt numbers are driven by the rise in private health care costs. While the reported “deal of the century” hacks away at Medicare and Medicaid (and Social Security cost of living adjustments, so they don’t cover actual cost of living increases) — programs that benefit primarily the middle class and poor — nothing suggests the folks at Joe Biden’s dining table have seriously tackled the industry’s greed, graft and market aggregation that are raising private health care costs faster than GDP growth.

So in the end, the “deal of the century” might cut $3 or $4 trillion from the federal debt but leave the national economy still at risk.

Nevermind that the negotiators are doing nothing to alter the continued looting and hoovering out of the American economy by an undertaxed, underregulated financial sector — heaven forbid we consider a financial transaction tax! Yet this is what Brooks calls “sound fiscal footing.”

The sad reality is that the supposedly sane, non-fanatic and fiscally responsible actors in Brooks’ morality play are themselves irresponsible loons facilitating the hollowing out of America. The Tea-GOP Zombies can at least claim they believe in what they’re doing, and their defense is ignorance and insanity. But only the most cynical hypocrites would claim there’s any coherent theory to what President Obama, the Democrat leadership and the supposedly “moderate” Republicans are now proposing to do to America.

A budget deal is supposed to help matters, not retard them. But there’s nothing here to actually help the American economy, nothing to resolve the housing decline, no theory or relevant precedent under which any sensible person can claim otherwise. There’s no help for the states, no protection for workers, no relief for the unemployed, no fix of a still broken health system, no funding for decaying infrastructure, no boost to education. There’s nothing here to end America’s ruinous $4 trillion wars nor question the “we can attack any nation or assassinate anyone, anywhere, anytime” mindset.

There’s no transition to an alternative energy future, no vision of any future that even catches up with what other modern nations already have and do. We once built transcontinental railroads to speed people and goods across the nation. The Europeans and Japanese now do this 2 or 3 times faster than we do. The Chinese are rapidly laying high speed rail tracks while we lay off teachers and argue about Amtrak.

Deal of the century? More like the deal that guaranteed America’s continuing decline. That’s the “no-brainer.” So who are the irresponsible idiots in this story, David?

Update, via Politico, we learn Brooks has the Tea-GOP confused about percentages, never mind currency sovereigns.

“If we are net borrowing every year, adding to debt, then we will never be in position to fulfill a ‘sacred pledge to pay the money back,’” Morrissey wrote. “ That’s a rather large flaw in fiscal policy and in Brooks’ logic, which may be one reason why some of these Republicans don’t pay much attention to ‘intellectual authorities’ like, er, David Brooks.”

Uh, if we have healthy growth so that the GDP is expanding at a rate faster than the debt, then the aggregate debt can increase every year but it becomes a smaller and smaller percentage of GDP. So there is no problem paying it back, even in their framework. Of course, this requires fourth grade math.

What Would You Do If Someone Tried to Feed E. Coli to Your Children?

7:40 am in Uncategorized by Scarecrow

Escherichia coli showing flagella

Escherichia coli showing flagella by Microbe World

This is older news for those who’ve been paying attention, but it still warrants flashing red lights. The reckless Tea-GOP members of Congress are trying to end funding for the principal federal agency that does testing for contamination — such as E. Coli — of fruits and vegetable produce. And the reason their supporters give for this homicidal effort is that the program has actually forced the recall of contaminated produce that might have sickened or killed conumers.

From the Seattle Times via Chicago Tribune:

Congress is moving to eliminate the only national program that regularly screens U.S. fruits and vegetables for the type of E. coli that recently caused an deadly outbreak in Germany.

The House last month approved a bill that would end funding for the 10-year-old Microbiological Data Program (MDP), which tests about 15,000 annual samples of vulnerable produce such as sprouts, lettuce, spinach, tomatoes, cantaloupes and cilantro for pathogens including salmonella and E. coli.

Over the past two years, its findings have triggered at least 19 produce recalls, according to the Food and Drug Administration (FDA).

The supporters of this pathological action admit their justification is that the program actually works:

Those critics say the pathogen testing program has overstepped its original mandate to monitor pathogens in produce, collect data and calculate a baseline of contamination levels from which to measure improvement.

“We thought that was fine and those were good things to do,” said David Gombas of United Fresh Produce, a major industry association. “But over time it got twisted, and it turned into a regulatory program where they were finding contamination and turning it over to the FDA and causing recalls.”

In other words, it’s okay for testers to gather data and to help growers/sellers determine whether contamination levels are changing over time, but Heaven forbid that information be used to actually prevent the distribution of contaminated produce and keep people from being poisoned.

The next time one of these Tea-GOP idiots holds a town hall — today would be particularly appropriate — be a patriot and bring along any left over produce you’d rather not eat. Then just ask why they want to poison our kids, and respond to the answer accordingly. Apparently nothing else is working.

More on E. coli dangers:
BBC, Deaths from E.coli still rising in Germany Along with 35 deaths, so far:

At least 3,255 people have fallen ill, mostly in Germany, of whom at least 812 have a complication that can be fatal.

About 100 patients with damaged kidneys will need transplants or life-long dialysis, one health expert said.

House voting here, here

Earth to Democrats: It’s Not Just the Tea-GOP Trying to Tank the Economy. Obama Believes Their Argument.

9:07 am in Economy by Scarecrow

The latest example of Washington’s earned reputation for cynicism has been Democratic leaders like Chuck Schumer complaining that the Tea-GOP leaders are deliberately trying to tank the economy to improve their electoral prospects. So we’re staring at a Constitutional crisis that threatens the credit worthiness of the US unless both parties agree to slash government now and further cripple its ability to function in the future.

If al Qaeda were organizing this, it wouldn’t be just conservatives who see it as economic terrorism. I agree that’s exactly what the Tea-GOP is engaged in, but Democrats are not owning up to their own and their President’s complicity in this crisis.

Sen. Schumer et ilk are not being honest about how much he, his fellow leaders and President Obama have foolishly embraced the Tea-GOP’s anti-growth, anti-employment theories. As a result, voters are left with no opposition party to rebut the Tea-GOP’s cruel and reckless economic nonsense; there’s no party to propose economic policies that have been shown to work.

Obama’s Saturday morning talk continues not merely to repeat but to highlight the anti-growth economic gibberish that has become the core Tea-GOP talking point about the role of government in supporting the nation’s economy. Here’s Obama’s opening statement:

I ran for President because I believed in an America where ordinary folks could get ahead; where if you worked hard, you could have a better life. That’s been my focus since I came into office, and that has to be our focus now. It’s one of the reasons why we’re working to reduce our nation’s deficit. Government has to start living within its means, just like families do. We have to cut the spending we can’t afford so we can put the economy on sounder footing, and give our businesses the confidence they need to grow and create jobs.

The good news is, Democrats and Republicans agree on the need to solve the problem. And over the last few weeks, the Vice President and I have gotten both parties to identify more than $1 trillion in spending cuts. That’s trillion with a ‘t.’ But after a decade in which Washington ran up the country’s credit card, we’ve got to find more savings to get out of the red. That means looking at every program and tax break in the budget – every single one – to find places to cut waste and save money. It means we’ll have to make tough decisions and scale back worthy programs. And nothing can be off limits, including spending in the tax code, particularly the loopholes that benefit very few individuals and corporations.

To be sure, Obama can claim he’s trying to argue that if you have to do deficit reduction, it has to include some revenue additions, and there are plenty of questionable “tax expenditures” that could be repealed to raise revenues. And if you buy the premise that economic growth and job creation depends on business confidence and that requires near term deficit reduction, then you can concoct an argument about how a “balanced” plan would include “scaling back worthy programs” and repealing tax expenditures — “balance” meaning a 6:1 ratio.

But the entire premise that we need deficit reduction now, never mind a decade or so from now, is looney. It’s not just a bad idea, not just a questionable premise. It’s looney. As Krugman writes, this is Barack Obama as Herbert Hoover. And President Obama is spouting this nonsense every chance he gets.

A growing list of prominent economists and budget experts, including dozens of the non-crazy who understand macroeconomics, are screaming at Washington that the dumbest thing they could be doing right now is to focus on deficit reduction. Brad DeLong has been compiling statements of various (e.g., here, here, here, here) insiders, outsiders, whatever, who are uniformly saying this.

They all say the federal government needs to be spending (and borrowing) more to increase demand and help the folks wiped out in the recession get back on their feet. And it needs to continue doing that until the recovery is more firmly established and unemployment is more convincingly and persistently falling.

Instead of giving credence to deficit hysteria, the federal government needs to help state budgets avoid layoffs and minimize spending contractions that economists know will reduce economic growth and limit job creation. It needs to spend money to help states rebuild after devastating natural disasters, and recognize we’re entering a period in which even more of that will be needed. It needs to continue supporting the unemployed families and communities that have been crushed by the recession and see few prospects for job growth. It needs to be building and repairing infrastructure now while borrowing is cheap and there’s plenty of underused, capable labor. It needs to be investing in our future, not starving it, as the Tea-GOP insists on doing.

Though Obama claims he agrees with some of this, he never fails to undercut those real priorities by first emphasizing the need to do the opposite. He’s become completely incoherent at best and complicit in the Tea-GOP strategy at worst. And for the country’s sake, not to mention their own, Democrats need to turn him around or stop following him.

But for now, Obama and the Democratic leaders who follow the President’s “lead” are helping the Tea-GOP by embracing their nutty theories and not giving voters a clear alternative argument that would help them in 2012. And a pro-growth/employment strategy has the added advantage of being the right thing for the economy and the country.

Help! Someone Has Kidnapped Ezra Klein and Run Him Off a Cliff!

12:53 pm in BP oil disaster by Scarecrow

Ezra Klein cautions his readers not to get too attached to the idea the 14th Amendment’s prohibition on questioning the US debt might offer a way out of, or at least some leverage on, the debt limit hostage taking. Heaven forbid we grasp at straws.

Klein warns us this path might reveal to investors that our political system has run off a cliff, so like Wile E. Coyote, we’d quickly fall to the bottom.

Layering a constitutional crisis over political gridlock may work in the sense that the Obama administration will win the court case. But it’ll fail terribly in terms of sustaining the market’s confidence in our political system. That’s a step toward total breakdown, not evidence that agreement can eventually be reached and economic renewal achieved. The debt ceiling needs to be resolved in a way that assures investors that America’s other economic problems will be resolved, too. A court case that affirms the executive’s right to rack up more debt and the political system’s inability to agree on a reasonable deficit reduction package is the precise opposite of that.

I don’t want to frighten Ezra by asking him to look down, but we are already over the edge of a Constitutional Crisis cliff and headed for the river below. The 14th Amendment may be the closest thing we have to Roadrunner’s unused wings, so we best start flapping or at least learn to glide on the way down.

The Tea-GOP has the federal government under siege and has essentially shut down every democratic process for even keeping the government going, let alone solving real problems. We can’t pass a budget, can’t extend the debt, can’t raise revenues, can’t fund unemployment insurance or rescue Medicaid, can’t allocate money to people, cities and states in desperate need and can’t even get decent people confirmed for key government jobs. And if you’re in one of those groups who might object, they will suppress your vote and bury the elections with well financed propaganda. What more evidence do we need to recognize the Tea-GOP has dragged us over the cliff?

Their price for letting us reach back for terra firm is that we emasculate the government’s ability to function in the future and cripple its ability to use the powers the Founders gave the federal government to address further the public welfare. This is what strangling the government — and our democracy — in a bathtub looks like.

The President and his Party have foolishly, recklessly embraced these scoundrels and their nation-destroying tactics and joined them off the cliff. It’s obvious that if the country does not wish to crash, it must either convince its leaders to let go of these destructive notions, or we must let go of them and grab for whatever safety we can.

But the last thing we need to worry about is telling the markets we’re standing on nothing but thin air and are about to fall. Smart investors already know that and have been sending out warnings, but no one is listening. The rest are watching from their well-anchored positions on Wall Street and gated communities.

Tea-GOP Debate Preview: The Clowns are Coming! The Clowns are Coming!

10:02 am in Uncategorized by Scarecrow

Clown Fish

Clown Fish by Rastoney

It seems the people who want to be the Presidential candidate for the Tea-GOP — and why would any sane person want that? — are having a debate tonight. Most sentient beings understand this is the clown car part of the circus, but alas, for some this is serious business, and handicapping it is hard work.

For those who want a shorter program, here are abbreviated answers to the questions all America is asking (apologies to HuffPo):

1. How on earth can Mitt escape being linked to ObamaCare? Ah, but that’s the wrong question. What we want to know is how can anyone distinguish the market delusion behind the MittCare and ACA exchanges from the market delusion behind RyanCare’s proposal for seniors? The first person to answer that honestly gets disqualified from both parties.

2. Can Tim Pawlenty distinguish himself? He already has, by proposing an economic plan, complete with ponies, unicorns, and 5 percent growth rates so silly and implausible that even GOP shilling economists said publicly it’s nuts.

3. Where will Newt Gingrich supporters go? The next phone booth, where they plan to secede from the union. Who cares?

4. Can Michele Bachmann steal the show? Of course. Once you remember this is the clown car part of the circus, and this is what the kids came to see, it’s often the dumbest, silliest clown who gets the laughs. Expect a standing O for punching a faux O, while the rest of the gang tries to burn down the safety net, the tent, the kids bleachers and the nearby ATM machine.

5. Will the candidates embrace Ryan’s destruction of Medicare or change the subject? The correct answer is “yes.” Remember, the reputed front runner in this act is a moral chameleon who can take any position, and has, depending on the audience.

Bonus question:

6. Will the media treat this debate as a serious discussion of the issues important to the American people? Yes. They don’t seem to know the difference.

Let’s hope Sarah is there to record this historic event.

Tea-GOP Idiot Watch: Santorum Thinks D-Day Deaths Won Right to Deny Health Care

10:20 am in Uncategorized by Scarecrow

I know, I jumped all over the media for paying so much attention to the clown car carrying the Tea-GOP Presidential wannabees. But really, when they routinely say things this mind-numblingly stupid, you have to ask, why are these people getting any serious attention? Why aren’t they universally and relentlessly ridiculed?

Today, newly announced wannabe, Rick Santorum used June 6, the anniversary of D-Day, in which thousands of people were killed, to explain that the reason the Allies stormed ashore at Normandy was to have the “freedom” not to receive adequate health care when they came home or got old. Here’s Santorum today, via TPM:

. . . Santorum said, what he and Paul Ryan want to do is “give people the resources to go out and choose for themselves choose what’s best for themselves.”

Unlike Obama, he continued, who is spitting in the face of those Americans who fought on D-Day, 67 years ago today. “Almost 60,000 average Americans had the courage to go out and charge those beaches on Normandy, to drop out of airplanes who knows where, and take on the battle for freedom,” Santorum said.

“Average Americans,” he added. “The very Americans that our government now, and this president, does not trust a to make decision on your health care plan. Those Americans risked everything so they could make that decision on their health care plan.”

Nevermind that Americans has voted repeatedly for two centuries for Congresses to provide government-backed health care for the nation’s veterans, and veterans freely choose it when given the choice.

No, according to Santorum’s “logic,” when the Democrats want to preserve the current framework of Medicare, in which those over the age of 65 can choose to be insured directly by Medicare or instead choose to have equivalent or greater coverage via private Medicare Advantage plans paid by Medicare, that is denying choice to these Americans.

But when Mr. Ryan”s plan to end Medicare limits the future elderly to a voucher that, according to the CBO, falls thousands of dollars short of the premiums needed to purchase Medicare-equivalent coverage from private insurers, and then tells them they have to purchase private insurance — and purchase only from private insurers without the choice of traditional and cheaper Medicare — then according to Santorum, that’s giving Americans the kind of freedom that thousands of Allied soldiers died to protect.

Between Sarah Palin having Paul Revere firing shots and ringing bells to warn the British that America would one day be full of very stupid politicians, and Rick Santorum telling us that denying choice and leaving health care unaffordable is why Americans died at Normandy, I fear it’s unlikely the history profession will survive the assault. Quick, everyone, memorize a history book!

Paul Krugman summed it up today:

Is it just me, or is there a remarkable absence of D-Day related stories in today’s news? Maybe editors are too busy saving Ryan’s privatization.

Jared Bernstein’s Advice to Joe Biden: Focus on Jobs, Not on Deficits

10:32 am in Uncategorized by Scarecrow

DFH Jared Bernstein (photo: fling93)

In a world supposedly governed by 11 dimensional chess, we find unusually straight forward advice directed at the Obama Administration on how to react to the dismal unemployment numbers.

From Joe Biden’s former economic adviser, Jared Bernstein:

Someone just asked me, “how does the White House pivot from targeting deficits to targeting jobs?”

How’s this? “Based on new information, we are now pivoting from targeting deficits to targeting jobs!”

I interpret that to mean: Either refocus the Biden dining table chats on jobs or send everyone home before they damage the economy even further.

The White House now faces the entirely predictable problem that a critique from Obama’s possible rival, the policy chameleon, Mitt Romney, is exactly correct: The Administration has failed to achieve its stated economic policy objectives. The only part Mitt left out is that the Administration failed because they pulled their punches; they feared and listened too much to charlatans like Mitt Romney and the nonsensical views of his fellow Tea-GOPs, not to mention the deficit hysterics in his own party.

If that’s how this White House wants to govern, the American people will know whom to blame in 2012. A rational choice in a Romney versus Obama matchup would be “no.”

More from Paul Krugman
: The Mistake of 2010 [aka 1937]

And Krugman/DeLong show why it could get worse.

From Calculated Risks: The Graph everyone should be following.