This is not good enough:
Asked if the stimulus bill was too small, [White House press secretary Robert] Gibbs says: “I think it makes sense to step back just for a second. … Nobody had, in January of 2009, a sufficient grasp of … what we were facing.” He adds that any stimulus was “unlikely to fill” the hole the financial meltdown created.
“What the Recovery Act did was prevent us from sliding even into a deeper recession with greater economic contraction, with greater job loss than we have experienced because of it,” he says.
This answer has the dubious distinction of being erroneous and stupid. Plenty of people had a sufficient grasp of the situation to recommend a much bigger stimulus bill. The no one could have predicted line of argument is not a political winner under any circumstances but it really stinks when it isn’t true.
Now, the best answer here may not have been the most truthful one, which is that Congress wasn’t offering a significantly bigger stimulus, but it is now clear that it is not going to be enough to significantly bring down high unemployment. Rather than looking helpless, the administration should just start making the argument that we have a choice between prolonged high unemployment or another big stimulus package. Make the election a referendum on that choice.
Setting aside that his delivery was uncharacteristically terrible, the president’s statement on the economy today was pretty pathetic.
This ain’t getting it done on any level.
