Fails so much it wins.
Let’s see how the recent run of U.S. presidents have done in the matter of balancing the national budget:
Reaganomics didn’t work. “Trickle-down” didn’t work. Cutting taxes for the rich didn’t work. The 1995 decision to de-regulate the banks was foolish and was denounced at the time as the making of another boom and crash. As a friend of mine said, “They’re just re-touching the X-ray.” (re and old joke: “We can’t cure you but…”) Did you know that more money is taxed from the poor and given to the well off and rich in subsidies such as tax-deductible mortgage interest than is given to the poor?
Unnecessary invasions of middle-eastern countries are very expensive. George Bush Jr. added five trillion dollars to the U.S. national debt. The decision, late in Bush Jr.’s presidency, to let a major bank go under kicked the supports from under the economy and caused values to slip drastically in very short time, with consequences up and down the line.
President Obama was handed a Great Depression in the making. The normal ways of dealing with it are not going to work. The course of action he is following, recommended by the best economic advice he can find, is what got us through the Great Depression in the end and laid the foundation for the prosperity of the 50’s and 60’s.