Low interest rates won’t boost the economy without an expansive fiscal policy that makes up for the timid spending of consumers and businesses, Reich writes.
When Bill Clinton nominated President Obama at the Democratic National Convention last week, he emphasized cooperation and understanding arithmetic as essential to leadership. If you look at reality not rhetoric, you could say that Clinton was not so subtly endorsing Mitt Romney.
The middle class isn't spending because the values of their homes have plummeted, they've lost much of their savings, and their wages are dropping. Reich argues that Obama has a way to correct this, or at least not make it worse.
Voters still need hope and change. But it is much harder for Obama to justify four more years, given historic numbers of Americans living in poverty, record high food-stamp use, and sluggish job growth. Last night, the president only partly succeeded in pointing the way ahead.
Both President Obama and Mitt Romney claim to want to expand America’s access to conventional fuels and green energy. But their energy plans have very different flavors.