It looks to be more of a tried and true “three yards and a cloud of dust” than
long-shot Hail Mary pass.
Though various polls show public opinion on his handling of the economy at an
all-time low, allies urging Mr Obama to “think big” must realise that
politics is the art of the possible and forget about Rooseveltian schemes
for now, even if he will do his very best to match FDR’s rhetorical
flourish.
$300 bln price tag
Much of the mooted $300bn price tag would come from extending relatively
palatable payroll tax cuts that were the centrepiece of his late 2010 tax
compromise with congressional Republicans.
The $112bn cost may double if he extends the two percentage point cut to
employers’ half of the levy. Throw in more accelerated depreciation for
capital equipment and state aid to forestall public employee lay-offs and
mere tens of billions are left for initiatives such as road and school
building.
The plan is, thus, a much-reduced version of his 2009 stimulus – credited with
preserving 2m jobs – and a faint shadow of schemes that put millions back to
work during the Depression. It would take an effort on the latter scale to
bring unemployment down to levels that have seen modern presidents
re-elected.
Better than nothing
Still, it is better than nothing and, with typical employees and employers
each seeing nearly $100 a month more in their bank accounts, it would be
both visible to middle class voters and tough for Republicans to oppose.
Observers expecting a major fillip to growth and employment will be
disappointed but, with the clock ticking down, Team Obama hopes to edge
closer to scoring position and buy time for what must be a far bolder
strategy in his second term.
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