Unable to get his lame, piece-meal “jobs” plans through Congress, Obama is now making lame, piece-meal changes in the agencies he manages, unveiling a new mortgage refinancing strategy today. Apparently, he’s also going to lay out a new student loan program on Wednesday.
How are any of these programs going to reduce unemployment? If I’m able to refinance my underwater home, it does not change my unemployment situation. I may have more money in my pocket, but the bank will have less – it’s not like this will inject more money into the economy. And more student loans? So we’ll have more over-educated, unemployed buried in debt?
These programs may be brilliant, but the problem is that they’re programs. I’ve seen it all over the Third World – lots of social programs but rotten economies because the government fails to execute its key functions: creating a stable and efficient legal and physical infrastructure.
I dunno. I just don’t think Obama gets it.