Obama's Economic Policies Are Working Effectively

Signs of economic recovery are everywhere. Housing prices have bottomed out; the stock market has rallied; and capital markets are operating normally. Today, economists are debating whether or not the recession is over. When Obama took office, the debate was whether a sharp decline in economic activity would trigger more bank failures in a vicious cycle, culminating in a full scale depression. His policies have restored confidence and that is the most important thing.

Others argue that his policies will seriously undermine the long-term growth of the US economy. Our fiscal outlook is so poor that inflation is likely, undermining faith in the dollar as a global reserve asset. Cap and trade legislation will make US industry less globally competitive; his health care proposals will leave us both poorer and less healthy; and the dramatic increase in taxes needed to pay for all this will discourage risk-taking and investing.

For: Lawrence Mishel

For: Steve Rattner

For: Mark Zandi

Against: Eliot Spitzer

Against: Allan H. Meltzer

Against: James K. Galbraith

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