Restitutor Orbis

It is not at all surprising that the economy remains the single most important issue in the minds of Americans. Unemployment is higher than at any other time in a quarter century, and CNN, not necessarily the most balanced media outlet, suggests that there is a rift in Democratic ranks as to how the crisis should be addressed. Clearly, the myth of a "liberal media elite" touted by McCain and Palin is just that, a myth, and the media is not particularly friendly to Obama. The hate groups are out in force, and Republicans are still lining up behind Rush Limbaugh, who refuses compromise, who's motto is "stay the course". Republicans are blaming everybody for the economic crisis but themselves. Inexplicably, Bush is innocent and the blame falls squarely on a man who has been president for less than two months.

AP echoes CNN, saying

Confronting misgivings, even in his own party, President Barack Obama mounted a stout defense of his blueprint to overhaul the economy Thursday, declaring the national crisis is "not as bad as we think" and his plans will speed recovery.

Obama has gone on record as saying that the recent stimulus package would not be the last, that more would be needed. But according to AP, Nancy Pelosi refuses to make any commitment:

Meanwhile, House Speaker Nancy Pelosi, D-Calif., played down talk that Democrats would consider a second economic stimulus bill.

"I know that people have made suggestions that we should be ready to do something, but I really would like to see this stimulus package play out," Pelosi said. "It's just not something that, right now, is in the cards," she added later.

The Republicans are feeding fears about mounting deficits, and the burden placed on our children and on their children. Roosevelt famously said "the only thing to fear is fear itself" and I am afraid his words are still accurate. It is this fear that may prevent our government from doing what it takes to pull us out of the depression we find ourselves in.

On top of that, Obama wants to overhaul health care, reduce greenhouse-gas pollution and undertake major changes in energy policy. He's projecting a federal deficit of $1.75 trillion this year, by far the largest in history, but says he can get it down to $533 billion by 2013.

"I am not choosing to address these additional challenges just because I feel like it, or because I'm a glutton for punishment," Obama told the Business Roundtable, a group of top business executives. "I am doing so because they are fundamental to our economic growth, and to ensuring that we don't have more crises like this in the future."

I believe Obama is right. I agree with Paul Krugman that we need to be more pro-active, more aggressive, not less so, and that to date our response has been too tame, too cautious. If you start fighting a fire by pissing on it, you will soon discover that it is too late to put it out even with a firehouse, because while you were pissing, it was burning out of control.

The Administration has made clear that the stimulus already voted will be spent appropriately, and dire threats have been uttered:

Vice President Joe Biden opened the meeting by warning state officials that if they misuse money from the stimulus package, they should not expect more help from the federal government for a long time.

"If we don't get this right, folks, this is the end of the ability to convince Congress that anything should go to the states," Biden said.

Added Obama: "If we see money being misspent, we're going to put a stop to it."

I hope they are good at their word. I hope that we do not keep throwing money at Wall Street CEOs who horde it or spend it on expensive trips or to redecorate their offices. I do not think the people will put up with this for long. And I think it is quite possible that populist rage has not yet peaked.