Obama's economic policies are working effectively

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Obama's economic policies are working effectively

16 Nov 2009

The panel debate the motion: Obama's economic policies are working effectively. Chaired by John Donvan.

Arguing for the motion are Mark Zandi, Lawrence Mishel and Steve Rattner.

Mark Zandi admires the totality of the policy response from the Obama administration and explores three broad areas: the effort to shore-up the financial system; the work done to support labour and automobile markets; and the oft-maligned, but successful, fiscal stimulus.

Lawrence Mishel focuses on the job market and the Recovery Act, and identifies the important successes of what he sees as a bold and effective policy. He defends the administration against attacks related to the rise in unemployment – he suggests it is not a failure of policy, but of economic forecasting.

Steve Rattner suggests that if one member of the opposition claims the policies are too hot, and another too cold, then in his view the Obama administration has got it about right. Rattner emphasises the blocking capability of Congress, and plays down the President's own responsibility by noting the importance of Congress and many other areas in which other departments have been making headway.

Arguing against the motion are James K. Galbraith, Allan H. Meltzer, and Eliot Spitzer.

James K Galbraith states that the question is not about politics, but the economy. He believes that the Obama economic program has not gone far enough, and explores two areas: the Recovery Act and the generation of credit to shore up the banks.

Allan H. Meltzer claims that Obama's policies have had mixed results, with few positive effects. He puts forward several pieces of evidence for the failure of this policy, including the administration's own recognition that the fiscal stimulus has not succeeded, as evidenced by their calls for further action.

Eliot Spitzer argues that Obama's economic policies represent a 'continuity we can believe in' rather than a change. He maintains that more fundamental changes need to be brought about, pointing to the automobile industry as an area that highlights the problem at hand.

First Vote: 32% For, 29% Against, 39% Undecided

Final Vote: 46% For, 42% Against, 12% Undecided

The motion is passed by a margin of 4%

Thank you to Intelligence Squared US for allowing us to use this video.