Saturday, January 31, 2009

The Way Forward Outlined in New York Times Magazine

NYT-writer David Leonhardt has written an excellent essay about Obama's strategy for taking the U.S. out of the economic crisis, and at the same time fundamentally change the economic and social system in the U.S. Here is a quote:

TWO WEEKS AFTER THE ELECTION, Rahm Emanuel, Obama’s chief of staff, appeared before an audience of business executives and laid out an idea that Lawrence H. Summers, Obama’s top economic adviser, later described to me as Rahm’s Doctrine. “You never want a serious crisis to go to waste,” Emanuel said. “What I mean by that is that it’s an opportunity to do things you could not do before.”
In part, the idea is standard political maneuvering. Obama had an ambitious agenda — on health care, energy and taxes — before the economy took a turn for the worse in the fall, and he has an interest in connecting the financial crisis to his pre-existing plans. “Things we had postponed for too long, that were long term, are now immediate and must be dealt with,” Emanuel said in November. Of course, the existence of the crisis doesn’t force the Obama administration to deal with education or health care. But the fact that the economy appears to be mired in its worst recession in a generation may well allow the administration to confront problems that have festered for years. That’s the crux of the doctrine.

(NYT Sunday Magazine, Feb 1, 2009. Published online January 27, 2009)

Hans Sandberg

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