The Corner

Chickens and Roosting

Polls and rhetoric unfortunately will not preclude a rendezvous with reality. At some point, Obama is going to have to accept that green rhetoric does not yet power most cars or heat homes as energy costs soar; that whether called “stimulus” or “investment,” borrowing is still borrowing and must be paid back; that 9.4 percent unemployment may be called “structural” instead of proof of a “jobless recovery” (cf. 5.5 percent in 2004) but it still means that businesses are too frightened or unsure to start hiring; that pruning a few billions does not ensure that we can keep borrowing more trillions; and that a trillion-dollar-plus health-care program that no one knows much about other than how to obtain exemption from it will not save money or encourage doctors to participate in it. 

In the case of something that has been tried and has not worked, unsaying it without undoing it will not work either.

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