Why Can't Obama Fix the Economy?: What Has to Happen First?

The American economy is in deep trouble . . . Time, patience, luck, sacrifice, and above all sound economic advice will be needed to avoid an epic tragedy. Obama lacks all of the above! He has little time, and voters have little patience. He had the bad luck to assume office before the economy hit bottom, and the public is in no mood for further sacrifice. Most importantly, he lacks a source of sound economic advice! Professional economists-with whom presidents are obliged by law to consult-have yet to propose a viable recovery plan. While some urge futile tax cuts and deregulation, others favor equally futile public works and deficit spending. Both will have to "unlearn" much of what they purport to know about capitalism and the free market system before either can direct an economic recovery.