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Macroeconomic Scholasticism

Washington Post Crashed-and-Burned-and-Smoking Watch

Michael Fletcher and Neil Irwin are an embarrassment to the Washington Post.

Think of that.

Let's turn the mike over to Tim Fernholz:

TAPPED Archive | The American Prospect: President Obama has announced his intention to hold a Jobs Summit at the White House, reacting to the high unemployment rate and increasing dissatisfaction with his economic policies. Sure, fine, get the folks together, hopefully some actual results will come out of it. But reading the Washington Post story about it almost made me spit out my coffee:

Congressional Democrats have been pressing the White House to do more to create jobs. But hemmed in by exploding budget deficits and criticism from Republicans that the $787 billion economic stimulus plan enacted in February has been ineffective, the White House has been reluctant to embrace any sweeping new initiatives.

In recent weeks, Obama has taken smaller steps to continue stimulating the economy. Last Friday, the president signed legislation that extends unemployment insurance benefits by up to 20 weeks and renews an $8,000 tax credit for first-time home buyers while expanding eligibility. Earlier, the administration backed a $250 payment to senior citizens as a means of stimulating economic activity.

Congress is pressing the White House to do more to help the labor market, and the president is taking steps when he signs legislation? Someone is having a laugh. The cult of the presidency has obscured the fact that Congress is the biggest obstacle to new job-creating policy.

Do Congressional leaders think that the president would veto a jobs tax credit if they passed one, or refuse to sign a package of fiscal aid to states? It's a sad day when Congress is apparently sitting around and fretting until the White House comes to do the legislating for them. Of course, I understand the value of having the White House publicly pulling for a piece of legislation, and importance of coordinating with the executive branch, but it is still crazy to suggest that Obama is the one gumming up the process here.

Why oh why can't we have a better press corps?