…on unemployment. Even Robert Reich thinks the president isn’t serious:
Reich is still confused, though:
If the president was never really serious about getting Republican votes in the first place–if his jobs bill and the tax increase on the wealthy were always going to be part of his 2012 election year pitch–why didn’t he make his jobs bill big enough to do the job?
Let’s accept for the sake of argument the creationist premise that an omniscient, omnipotent, benevolent government can create all the jobs it wants simply by borrowing and spending enough money. Let’s also assume Reich’s premise that “enough,” in this case, is some figure considerably in excess of $447 billion.
Why didn’t Obama ask for enough? That seems obvious. If the answer is “no,” and the point of asking the question is to elicit a negative response, then the practical difference between what you get if you ask for $447 billion and, say, $5 trillion is not $4.553 trillion but zero. If Obama is asking for the money only for appearance’ sake, as Reich concedes he is, then it’s more important that $447 billion appears more reasonable than $5 trillion.
Either way, Megan McArdle wishes “that Obama hadn’t wasted my Thursday evening, and that of 31 million other Americans, listening to a jobs plan that was only designed to produce one job–a second term for Barack Obama.” Most of those viewers–those of us who write about this stuff for a living being obvious exceptions–didn’t actually have to watch the speech, so we’re not able to work up much sympathy for those who didn’t have the good sense to change the channel or go out and live a little.
But let’s take this by the numbers. Obama’s speech lasted about 42 minutes. Multiply that by 31 million viewers and, say, $20 an hour, and you end up with the man-hour equivalent of about $434 million. It’s a shameful waste, but much less of one than if Stimulus Jr. actually became law.
No danger of that, fortunately. The neo-Keynesians have finally completely destroyed whatever credibility they ever had.