Feldstein and Goolsbee: Who Makes More Sense?

Listened to an interview on the PBS NewsHour with Judy Woodruff interviewing two noted economists about President Obama's American Jobs Act: Martin Feldstein (introduced as a "longtime conservative thinker" and a professor at Harvard... how refreshingly oxymoronic!), and a former adviser to President Obama, Austan Goolsbee, now returned to the University of Chicago. I'm embedding the clip below because I would like to return to it on occasion. I'm always amazed at how two obviously intelligent and highly educated people can examine the same issue and arrive at such different conclusions. Feldstein makes perfect sense to me here, talking about how impractical Obama's stimulus plan is, especially if you break down the actual cost per job that his stimulus would create (I think he said $200,000 per job). This does seem a bit extravagant. Goolsbee, when asked about these figures, insisted that it's a good investment since we're sailing into strong headwinds, or something like that. The more he spoke, the less credible he sounded. It was as though he had been given some talking points and was sticking to them, regardless of how illogical they sound when contrasted with Feldstein's analysis.

On a related note, I find it interesting that the "jobs act" that Obama keeps haranguing Congress to "PASS NOW!" has yet to be even introduced to Congress. Apparently the POTUS doesn't actually submit bills to Congress, only members of Congress do, and so far no Democratic congressman or woman has done so. In the meanwhile, while the Democrats dither, a Republican member of the House has gone ahead and submitted his own version of a Jobs Act to the House of Representatives!

It seems Obama's latest endeavor isn't about creating jobs for Americans. It's about trying to make Americans think Republicans are against creating jobs for Americans (that's the message Obama's taking out on the road). Interestingly, it's not just Republicans who are hesitating. I just read that some Democrats are also not in favor of Obama's plan. So it's just more political theater from this president. The only job he hopes to create with all his blather is his own second term.

Pshaw.

Watch the full episode. See more PBS NewsHour.