President Obama has finally admitted that a core premise of his nearly trillion-dollar stimulus package was false. In an interview this week with The New York Times' Peter Baker, the president acknowledged that "there's no such thing as shovel-ready projects," despite the president's near-constant invocation of the term over a two-year period to explain how government spending was going to create jobs.
The president's admission is no minor matter; it goes to the heart of why his economic policies have been such a failure. Not since President Jimmy Carter's confession in 1980 that it took the Soviet Union's invasion of Afghanistan for him to fully understand "what the Soviets' ultimate goals are" has a sitting president so fully exposed his ignorance.
Obama's admission might be refreshing if it meant he would rethink his economic assumptions, but the Baker interview gives no such indication. Instead, the president seems to think his biggest problem has been his failure to communicate his policies effectively.
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