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| Pawlenty at CPAC 2011 |
Barack Obama's worst week was about more than bad data. The two great legislative monuments to the first Obama term, the remaking of the health-care industry and the Dodd-Frank financial reform, look like they've got serious structural cracks. A McKinsey report estimates that a third of employers will abandon their health-insurance plans come 2014. On Tuesday, The Wall Street Journal reported that the failure (or inability) of Dodd-Frank's regulatory arm to write new rules for the $583 trillion derivatives market has the financial sector in a panic over its legal exposure.Can Obama fix economy? Yes, but he is ensared in the trap of his own liberal dogma. Time for a roster change, America.
The worst was yet to come: Mr. Goolsbee announced he was departing the White House for the irresistible pull of academic tenure. What this signifies is that Mr. Goolsbee, a reputable economist, knows that in terms of economic policy, the Obama armory is empty. From within the exclusively demand-side context of the president's economic policy, there are no more bullets in the carbines. This president is now virtually defenseless against the inexorable forces of the U.S. economy. All that's left is whatever comes of Ben Bernanke's 30 months of close-to-zero interest rates atop two Quantitative Easings, the greatest untested economics experiment in the history of the world.
No wonder Tim Pawlenty is smiling. Amid a news cycle whose message is "nothing's working," Mr. Pawlenty delivered a major speech on economic policy whose title could have been: All the Things Barack Obama Has Not Tried to Do to Lift the Economy and Never Will.
Whether Gov. Pawlenty's prescriptions—dramatically lower individual and corporate taxes, zero taxes on capital gains and dividends, sunset provisions for federal regulations and a growth-rate target of 5%—are provable as solutions is politically beside the point at this moment. As substantive brand differentiation, the Pawlenty speech was a success.
In other Pawlenty news, US Rep Joe Wilson (R-SC), endorsed T-Paw. "Governor Pawlenty is the best man to get our nation back on the right track," said Congressman Wilson. "As South Carolinians get to know Governor Pawlenty, as I have, they will see someone with a remarkable record of conservative accomplishments in a politically tough state for Republicans, and someone who has the kind of bold vision for America’s future that we need to defeat Barack Obama."
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