NAILS IT! Specifically, on how the Republicans and Obama don’t understand how to fix the economy:
In fact, China and Brazil have robust growth because unlike the U.S., they’re building a middle class, not taking it apart, the way we are. These supply-side economics groupies distort what’s wrong with our economy: Thanks to unemployment and the foreclosure crisis, plus almost 40 years of no income growth for working and middle class families (and even income declines for some subgroups), Americans can’t help the country consume its way out of the recession, or contribute to the recovery with tax revenues (for those who think the deficit is the biggest economic problem.) The recession itself is making recovery much, much harder, and maybe impossible: Too many workers are draining public revenue, rather than producing it. The resulting lack of demand makes employers nervous about increasing hiring or even capital investment. Obama’s inability to respond with a bigger stimulus bill and other measures to use the federal government to stimulate demand again will hurt the country, and may hurt him politically too. But it’s possible it won’t, because in 2012 he’s almost certain to run against a right-wing kook or a formerly-moderate dissembler in next year’s election.