I can hardly blame you if, over the past couple of months, you’ve discovered that your best economic move is to bury all your money in the deepest hole you can dig in your own backyard until January 20, 2010. The administration’s reaction to any new economic news thus far seems to come from a list of four options:
Today, the administration wheeled out a new option to add to its Repertoire of Incompetence: 5) Act Like John McCain. I’ve already noted how the President is open to taxing your health care benefits, a notion he ridiculed only four months ago. Now, he’s trotting out his economic team (such as it is) to declare the fundamentals of our economy sound.
I so wish I was kidding about that. Christine Romer, when asked on NBC’s “Meet the Press” if our economy’s fundamentals were sound answered, “Of course they are sound.” She then went on to explain.
“The fundamentals are sound in the sense that the American workers are sound, we have a good capital stock, we have good technology…We know that — that temporarily we’re in a mess, right? We’ve seen huge job loss, we’ve seen very large falls in GDP. So certainly in the short run we’re in a — in a bad situation.”
Her answer is not very different from the answer John McCain gave when asked to explain his September statement that “the fundamentals of our economy are strong”. Back then, Barack Obama ridiculed him and said that “he just doesn’t know” and put out a campaign video that said our economy was “broken”.
Just a week ago on the very same television program, the President’s Office of Management and Budget director, Peter Orzag, said that “fundamentally, the economy is weak”. Of course, the White House’s message has changed since the President discovered that all the panicking he’s been doing has scared good money out of the economy.
So, after making fun of John McCain for two months, the President wants us to believe that now, after watching the Dow drop faster than a submarine with a screen door and while the private sector is bleeding jobs like a rear-seat passenger in a Quentin Tarantino movie, our economic fundamentals are strong.
Was he blowing smoke then or is he blowing smoke now? With this President, you can’t ignore the option that he was blowing smoke both times because he simply doesn’t know.
Maybe it’s time that the President fired Tim Geithner and hired John McCain to be his Treasury Secretary?
UPDATE: William Jacobsen says “Hey America! You’ve been punked!”