http://www.prospect.org/cs/articles?article=fighter_conciliator_or_scoldDespite justifiable pride in his legislative successes, President Barack Obama never had a working majority to enact the program that the economy needed. Obama's signal accomplishments -- the stimulus program, health reform, financial reform -- all built half a bridge. They were big steps in the right direction, but not enough. Most of the resistance was
caused by Republican obstruction, some of it by conservative Democrats, and some by the limits of Obama's own imagination as a crisis president who needed to act more boldly.
Democrats are suffering voter retribution because during Obama's first two years, they seemed to be in charge, though often only on paper. But over the next two years, the president will be even less able to get Congress to act. However, he may be able to influence whether Republicans belatedly reap some of the blame for economic problems unlikely to go away.
Unemployment is at a persistent plateau. The revelation of undocumented mortgage paperwork is exposing deeper underlying weaknesses of bank balance sheets that could set off a second banking crisis. A vicious circle of depressed consumer purchasing power combined with skittish banks is discouraging business investment. No second stimulus is in the cards. Even if Obama gives in to the Republican version of a stimulus -- massive tax cuts -- it's unlikely to spur a recovery.
(more)