Not well, I would think.
The Obama Administration likes to refute articles like John Stossel’s by claiming that if it were not for the stimulus package, things would be worse economically. But the Administration still has not answered why unemployment has skyrocketed beyond levels the Administration thought possible even in the aftermath of passage of the stimulus proposal. The degree to which the Administration has miscalculated the effect of the stimulus package on the economy in general and on the unemployment picture in particular is nothing short of extraordinary. And despite its massive miscalculation, the Administration wants us to trust it when it comes to the formulation and implementation of other economic policies, and it wants us to feel safe with the knowledge that government might exercise even more significant control of the economy through a public option in any health care reform package.
Usually, failure this significant is followed by a shamefaced recognition of failure on the part of the failing actor(s), and opprobrium from others. But as things fall apart, the Obama Administration continues to ask us to trust its professional judgment. The chutzpah is impressive, even if the logic isn’t.