An Administration in chaos. There were calls yesterday for Tim Geithner's resignation as Secretary of the Treasury from both sides of the aisle, Democratic as well as Republican. Why?
The Administration made a dramatically wrong guess back in January of this year. They thought that the economic slide would be mild. Their own forecast, part of the paperwork supporting their $ 800 billion stimulus package, estimated that unemployment would go no higher than eight percent. As a result, the stimulus package was no stimulus at all. It simply provided relief to very select groups picked by the Obama Administration, mostly along political grounds. There was no real effort to help struggling employers and employees battle the economic problems that they were facing.
The result, perfectly predictable, was that the economy proved to be far worse than the Obama folks thought. Now, they blame the Bush Administration. No one is buying that...not Democrats, not Republicans. Obama and his Treasury Secretary are in the crosshairs of the public anger over the economy. They have earned that spot by foolish policies and their policies to dramatically expand the national debt.
Now, having added a trillion dollars to the national debt and proposed even higher future debt levels in their health care plans, the Obama Administration is feeling the heat from the public. That will continue. Unemployment is not going to get any better for quite some time. For that, the Administration deserves full credit. Every plank of the Obama Administration program destroys jobs.
The public's downbeat view of the Obama economic plan will continue until someone in that Adminstration wakes up. That probably won't happen until sometime in November of 2010.
Until then, American businesses and workers will continue to suffer the predictable effects of an Administration in chaos.