There’s a fair bit of web chatter about Peter Baker’s magnum opus in the NYT Magazine on the Obama Administration’s economic policy failures, which doesn’t actually contain much discussion of economics or policy. Why this shocks bloggers is a mystery to me: if the NYTM wanted a deep look at economic policy, they’d have commissioned a piece from David Leonhardt. [Oh, wait, they did that already, three times.] Baker is a political correspondent, and instead of evaluating whether Obama’s economic vision is sound or not, he asks why the Administration failed to provide the public with any vision at all.
As Felix Salmon has noted, the piece places a large share of the blame on Larry Summers (who, as Director of the National Economic Council, was responsible for forging consensus among the President’s economic team, and instead was busy fighting with several of the other key players) and goes a long way towards attempting to exonerate the rest. Salmon correctly adds to Baker’s critique of Summers’ personnel skills a critique of his economic principles, which have never lined up neatly with the Pro-Main Street expectations voters have of this White House.
That’s all fair, as far as it goes, but I don’t think it goes very far.