Many thanks to Peter Morici over at The Street for writing the article so many of us have thought about writing. Â I think it needs no introduction, take a look:
Either President Obama fixes what’s broken in the economy, or he will be remembered for spending his entire first term blaming George Bush.
Last week’s jobs report was terrible for the 11th month in a recovery.
With nearly $800 billion in stimulus spending at its point of maximum impact, federal employment — net of temporary census jobs — was up a mere 1,000 in May.
Private-sector employment was up an insignificant 41,000, only one-fourth the pace of the previous two months. Retailers are again cutting employment, as consumers, turned pessimistic, flee the malls.
Making worse a stock market panicked by European debt woes, the President claims his policies are working.
Morici goes on to delve into many of the specific ailments of our current economy, and then delivers this conclusion:
At some point a successful president must abandon textbook economics, embrace pragmatism and stop blaming his predecessor for the hand he was dealt.
For Barack Obama, that time is now.