29 June 2010

Obama Administration And The Economy: Out Of Ideas Already

RCP: Joe Biden's Summer of Love

Biden last week acknowledged that, though he thought the administration's efforts would do some good, an awful lot of damage has been done. "There's no possibility to restore 8 million jobs lost in the Great Recession," he told an audience of Wisconsin Democrats. (On the same visit to Milwaukee, he called a custard shop manager a "smartass" for suggesting the administration lower taxes.)

The Obama administration constantly calls for more federal stimulus to fund more jobs, but the real problem is the lack of private investment. Biden has a reputation for being long winded (to put it kindly), so the "Summer of Recovery" may be more snooze than pep talk.

Regardless, none of Biden's happy talk about the economy will be able to gloss over the fact the Obama administration has really no idea what to do about it.

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