A new conventional wisdom is forming in Washington and it spells trouble for Barack Obama’s administration. Coming from the president’s own side as well as from his enemies, the argument says he has taken on far too much. This has been the theme of a torrent of recent commentary.
The criticism has instant superficial plausibility and it is bipartisan, which makes it dangerous for the administration. But is it fair? I understand the criticism but I think it is not quite right.
The White House felt it had to respond directly at the end of last week. “The truth is that these problems in the financial market, as acute and urgent as they are, are only part of what threatens our economy,” said Mr Obama. “And we must not use the need to confront them as an excuse to keep ignoring the long-term threats to our prosperity: the cost of our healthcare and our oil addiction; our education deficit and our fiscal deficit … We must build this recovery on a foundation that lasts.”
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