May6th2009

Obama’s Economic Bubble

Newsweek makes much of the fact that President Obama invited two vocal critics of his administration over to dinner, Paul Krugman and Joe Stiglitz. Newsweek writes:

Mindful of his predecessor, Barack Obama seems to be trying harder to make sure he hears all sides. On the night of April 27, for instance, the president invited to the White House some of his administration’s sharpest critics on the economy, including New York Times columnist Paul Krugman and Columbia University economist Joseph Stiglitz. Over a roast-beef dinner, Obama listened and questioned while Krugman and Stiglitz, both Nobel Prize winners, pushed for more aggressive government intervention in the banking system.

But is Obama really all that more open to dissenting views than Bush? After all, Paul Krugman and Joe Stiglitz are both considered to be on the extreme left of the economic spectrum. In addition, every economist on Obama’s economic team is atleast left-of-center, with many considered to be far left. The dinner would have just lead to Obama hearing yet another argument from the left.

It would be tantamount to Bush inviting William Kristol and Charles Krauthammer over for dinner to discuss the Iraq war. Would you describe such a meeting as Bush ‘demanding fresh thinking and avoiding the sycophancy that comes with the Oval Office.’? I certainly would not.

If Obama really wants to break his economic bubble, he should invite economists from the right-of-center over for dinner. There certainly is a plethora of economists who disagree with him and his economic team, see here, here, here, here, here, here, here, here and here - just to give a few.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • del.icio.us
  • YahooMyWeb

2 Responses to “Obama’s Economic Bubble”


  1. Gravatar Icon 1 LaurenceB May 6th, 2009 at 8:27 am

    Yes, inviting over a couple of economists for dinner is nothing to give Obama rave reviews over. But that is not only your point, it is the point of the Newsweek article.

    As the article says:

    That sort of outreach is admirable—but it would be a mistake to make too much of it. A couple of hours of conversation is no substitute for methodical inquiry and debate. At present, Obama’s economic advice is closely controlled by his chief economic adviser, Larry Summers, who acts as a kind of gatekeeper, determining what Obama sees and hears—and what he does not.

    And the article ends with:

    He, like all presidents, is the captive of a system that has been designed for efficiency but is inevitably isolating. It will take more than a few dinner parties to avoid the fate of presidents who lost touch with reality.

  2. Gravatar Icon 2 HispanicPundit May 6th, 2009 at 11:33 pm

    Doh! Good catch. Serves me right to read an article half way, get annoyed, and blog about it without still reading it further. I’ll try not to let that happen again.

Leave a Reply