The claim made by Team Obama that every dollar in stimulus translates into a dollar-and-a-half in growth is economic fiction. The costs of stimulus reduce future growth. No country has ever spent itself to prosperity. The price of stimulus has to be paid sometime.
The difficulty for Mr. Obama will be when the public sees where his decisions lead - higher inflation, higher interest rates, higher taxes, sluggish growth, and a jobless recovery.
You may be right that people say: 'You know what, we had Obama. He was inexperienced. The guy had great rhetoric, sounded good, looked good, but has turned out to be an utter disaster. I want someone where I have confidence and credibility that they're up to the job and that I can trust what they tell me.'
