Thursday, October 25, 2012

On Obama's Economic Wrecking Crew

Over at Instapundit (which is now basically Instapundit & Co. wot with all the contributions from ED, SH, EPF, and MT), the Good Professor links to a Real Clear article saying that Obama's economists, namely Romer and Bernstein, doomed him with their failed models.  That may be true, but I've covered Romer's disastrous tenure before and to be fair to her, I don't think for a minute that she produced these models in good faith and believed in them.  I think she was told to make the models fit the narrative, to make them good sales tools for the Stimulus.  Democrats rolled 30 years of pent up policy frustration into the stimulus and Romer was told to give it an economic gloss.  She served her political masters well.

Finally, I actually don't agree that the stimulus will be decisive in dooming Obama if indeed he goes down as a one term President, but I do believe - and this might be worse for Romer and her ilk - that the stimulus's monumental failure may ultimately prove devastating to Keynesian economics.

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