Obama’s Impressive Failure to Fail on the Economy

Paul Krugman points out that dire warnings from Republicans about the effect of President Obama’s policies on employment have simply not come true.

“Politicians and pundits, especially on the right, constantly insist that presidential policies matter a lot. And Mr. Obama, in particular, has been attacked at every stage of his presidency for policies that his critics allege are ‘job-killing’ — the former House speaker, John Boehner, once used the phrase seven times in less than 14 minutes. So the fact that the Obama job record is as good as it is tells you something about the validity of those attacks.”

“More detailed examinations of labor markets also show no evidence of predicted ill effects. For example, there’s no evidence that Obamacare led to a shift from full-time to part-time work, and no evidence that the expansion of Medicaid led to large reductions in labor supply.”

“So what do we learn from this impressive failure to fail? That the conservative economic orthodoxy dominating the Republican Party is very, very wrong.”

“The Obama economy offers a powerful lesson in the here and now. From a conservative point of view, Mr. Obama did everything wrong, afflicting the comfortable (slightly) and comforting the afflicted (a lot), and nothing bad happened. We can, it turns out, make our society better after all.”

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