The public will be fine with it now, because Obama has the bully pulpit and people want to trust and put confidence in their new president. But the plan won’t work, and Republicans should remember that bad policy is ultimately bad politics. Don’t be distracted when pundits wag their fingers and warn that the GOP’s opposition to Porkulus “will backfire.” The midterms are almost two years away, and if Obama’s plan isn’t working by then, he’ll pay the same price Reagan paid in the ‘82 midterms when his economic recovery plan didn’t appear to be working.
Of course, by ‘84 Reagan’s policies were working and he won 49 states. But Reagan’s policies were fundamentally different, which is why Obama always compares this crisis to the Great Depression. The more accurate analog is the economic crisis from ‘80 to ‘82, when you compare numbers. But Obama, obviously, doesn’t want to talk about a Reagan-era recession because he is philosophically stubborn and opposed on principle to combating a recession primarily with tax cuts.