Are progressives losing the spin fight with conservatives on the nascent Obama Presidency? One only has to make a cursory glance at the Right Wing blogosphere or on the Right Wing headquarters, Fox Network, to realize that Republicans and Conservatives have taken the "business" to the Obama administration in a no-holds-barred, bloody the nose, daily cacophony of criticism and bald-faced condemnation.
Have progressives been effective at repelling this onslaught? Or have many of us, specifically on the issue of the economy, become so resentful of the route the administration has taken, in its efforts to stabilize the financial system that we are resigned to watch from the sidelines and, in some instances, prepared to join with many of the talking heads on the Right in their vitriolic condemnation of the President.
We have seen disagreements with respect to his handling of the bank bailouts, from the progressive community, and some of the criticisms are, perhaps, not without merit. However, with the Dow recently closing at 9,093, higher than it has ever been since November of 2008, is it wrong to admit that the Obama administration has steered the careening economy from the brink of disaster? According to the AP, the President’s top economic adviser, Larry Summers, recently announced that:
"...the nation has moved back substantially from the brink of an economic catastrophe it faced at the beginning of the year."
And should we consider his statement an attempt at self-aggrandizement, according to Reuters, it should be noted that in a statement in the UAE, this past May, New York Times columnist, and Nobel Prize winner Paul Krugman, a frequent critic of the methods of the Obama administration, eluded to his estimation that the world economy had avoided, in his words, "utter catastrophe".
Granted, some might quibble that he only referred to the "world economy" and not the "US economy", but considering that many have blamed the US economy for the anemic condition of the world economy, isn’t it realistic to assume that the turning point was due in large part to the US economy?
But, perhaps, Paul Krugman was a bit hasty in his determination. Let us consider the assessment of respected economist, and also frequent critic of the administration, Nouriel Roubini. According to CNN Money, recently, after appearing in an event organized by the Chilean government, Mr. Roubini told reporters that the Obama administration would have to institute a second stimulus, but went on to admit:
"...the worst is behind us in terms of economic and fiscal conditions, as the economy is still contracting, but at a slower pace."
Now, I have always avoided joining in on the food fight and apocalyptic criticism of the Obama admistration on the weighty issue of the economy, because it became clear from the very outset that there was no exact science and collectively agreed upon method, from our brightest scientists in the field, on how to cure the patient.
But after hearing winsome odes to an economist, offered in song, and frequent celebration of the insight and clarity of others, for their steadfast opposition to the administration, it became clear that we had embarked on a contest of personalities, which soon devolved into a noise machine.
As an aside, there has been a great deal of literature published recently concerning the venal practices of many of our largest banks to generate wealth on the backs of taxpayers. I have no doubt that these banks are indeed exploiting the public, but as many of these articles are offered as a slight condemnation of the President’s decision to rescue some of these entities, one has to wonder what happened to these investigative authors years ago, when it was necessary to warn the public not to hand over their hard-earned life savings into the guardianship of these nefarious institutions. For if they had, the President would not have felt the urgency to step in and save these banks, and, in turn, the investments of millions of Americans.
Recent polls have shown that the criticism is beginning to take its toll, as the President’s approval rating has taken a dip, and his disapproval rating has increased. Still, considering where we are today, as opposed to where we were this past January, President Obama has done an effective job in the short time he has been in office.
The Right has accused the administration of destroying, or perhaps even making the economy worst. There are many on the Left who still criticize his methods and cures, and, despite the fact that unemployment is frequently described as a lagging indicator, we are all mindful of the many who remain unemployed.
Still, regardless of the criticisms and backbiting concerning the President’s handling of the economy, despite the constant drum beat and talking points that he has failed as a President, let us employ our own point, and state it emphatically as a point of fact that the Obama administration, despite the spin, has brought us back from the brink of UTTER CATASTROPHE!
AP link: http://www.google.com/...
Reuters link: http://www.reuters.com/...
CNN Money link: http://money.cnn.com/...