Benjamin Studebaker

Yet Another Attempt to Make the World a Better Place by Writing Things

Tag: Barack Obama

Why Federal Stimulus is Always Too Small

We never seem to learn anything. The global economic crisis of 2008 should have taught us a lot about how governments cope with major economic shocks, but the level of analysis in 2020 has been abysmal. The Great Recession reduced US economic output by 4.2% and destroyed 8.7 million jobs. To counteract the loses, the federal government injected stimulus, first through the Bush administration’s Troubled Asset Relief Program (TARP), and then through the Obama administration’s American Recovery and Reinvestment Act. Combined, these two programs provided about $1.2 trillion. That’s about $285 billion per percentage of point of GDP. It wasn’t enough. The economy recovered very slowly, too slowly for the Obama administration to maintain public support. The Democrats lost the House decisively in 2010. Obama tried to get an additional $447 billion in 2011, but the Republicans had no interest in it. Instead, they pushed for deficit reduction. Obama tried to play nice with them, signing the Budget Control Act in August and making one last push for more stimulus in the Fall. They took his cookies. The second stimulus never happened. As the years went by, rural America continued to lose jobs, and grew more and more resentful, setting the stage for Donald Trump in 2016.

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What I Think in 2020

Now that the Bernie Sanders movement is comprehensively failing, it is time for those of us who supported it to take a step back and reflect. We can only learn from defeat if we are willing to be honest with ourselves and recognise it as such. This post is more autobiographical than most of what I run here. The aim is to do some hard introspection about how I came to support the Sanders movement and where its downfall leaves me, politically.

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Remember When Obama and Biden Tried to Cut Social Security by $230 Billion?

Videos have emerged in which Joe Biden speaks in favor of entitlement reform. Biden disputes the claims:

The thing is, Joe Biden and Barack Obama did try to cut Social Security. It’s one of the forgotten pieces of Obama’s legacy. It was called the ‘Grand Bargain’. Let me tell you the story.

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Pete Buttigieg is Neither Policy Wonk Nor Philosopher

As folks begin to notice that Pete Buttigieg doesn’t have a developed policy vision, he has tried to fight back by throwing together a series of short paragraphs on the “issues” section of his website. Here, for instance, are the two paragraphs on healthcare:

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Why Trump Can’t Red-Bait His Way Out of 2020

Heading into the 2020 election cycle, the Trump administration is trying to portray the president as America’s shield against socialism. First President Trump proclaimed at the State of the Union that America “will never be a socialist country”:

More recently, he has levied sanctions on Cuba, Nicaragua, and Venezuela. The administration alleges that Cuba and Nicaragua are propping up the Maduro regime in Venezuela. It hopes to use the sanctions to get them to stop, while sending a warning to external powers like Russia and China.

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