Barack Obama, Bringer of Confidence
America’s New Shrink
Chin up, everyone. This president is well poised to bring us back from the brink.
If Ralph Waldo emerson had a 19th-century Facebook page, his “Favorite Quotation” (or maybe I should say my favorite Emerson quote) would likely be: “Events are in the saddle and tend to ride mankind.”
For the last six months, events have been in the saddle of the world economy and they might ride us for quite a while. Every day seems to bring bad news, with more on the way. Will commercial real estate crash next? Is General Motors toast? Dow 5,000, anyone?
When President Obama was sworn in, the stock market dropped. When he signed the largest economic recovery package in American history last week, the Dow plunged nearly 300 points. His widely panned bank rescue plan and even his better-received housing rescue plan both laid eggs on the Street.
Obama says he doesn’t worry too much about short-term market swoons, and he’s right not to. Who elected greedy gamblers to represent us? But the market is now based less on assessments of specific companies than on reaction to the federal government. And that reaction, cascading down to Main Street, is a fair reflection of the nation’s pessimistic mood. The new president is popular and refreshing, but still well short of transformative. For all of the legislative achievements of his first month in office, Americans have not yet had their faith in the future restored.
What’s a president to do? If he starts in with the happy talk, he sounds like John McCain saying “the fundamentals of the economy are strong,” which is what sealed the election for Obama in the first place. But if he gets too gloomy, he’ll scare the bejesus out of the entire world. The balance Obama strikes is to say that things will get worse before they get better, but that they will get better. Now he must convince us that’s true.
Conservatives smell blood. The Republican National Committee issued a press release saying Obama’s first month was all about “wasteful spending, failed bipartisanship and questionable ethics.” Columnist Charles Krauthammer called the $787 billion stimulus package “a legislative abomination,” and Karl Rove wrote that “the more Americans learn about the bill, the less they like it.”
Polls say otherwise. The public likes the signs of action, respects that the new president is willing to admit error and appreciates his constant reminders that there are no easy cures to what ails us.
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Alter: Barack Obama, Bringer of Confidence | Newsweek Politics | Newsweek.com.
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Tags: barack obama, Economics, economy, Politics, united states
