Friday, July 31, 2009

Obama has it made

There are few things better for a President than a recession at the start of his term. The reason is that whenever there is a recession everyone starts yelling about how the sky is falling. Then, usually, things get better fairly quickly. Judging by today's GDP numbers the recession will be over by the end of the year. After that much of a drop in GDP, the odds that GDP will be rising at the next election are really high. That gives Obama two years to look important, than walk into the next election able to talk about how he held off the second great depression.

Congress on the other hand.... Well there are reason's the democratic congress had approval ratings nearly as low as Bush. They seem entirely unable to craft anything without ridiculous amounts of silly pork. For example only about 10% of the stimulus money is being spent this year. Since the recession will probably be over by the end of the year that means that the stimulus bill did almost nothing to help. To be fair the republicans were no better, but Obama better start vetoing bills soon or he is going to get walked over by congress.

The only thing that this administration has done that is really impressive was the credit card bill. Even that will need a second round since there were a lot of loopholes.

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