2010-09-10

What is Obamanomics?

There are too many people out there using the term "Obamanomics" for me to point you to any particular reference. The point is that the term has caught on. My question is: Fine, it's caught on, but what is it?
  • The first example of Obamanomics would probably be the TARP bailout and other stimulus programs. So, fiscal stimulu policy is arguably one aspect of Obamanomics.
  • Next, we have ObamaCare and a host of other new government, uh... infrastruture initiatives. In the traditional Keynesian framework, this, too, is fiscal stimulus spending. I'm not sure this is really an economic policy so much as it is a political move on Obama's part, but perhaps we can modify point one above to suggest that Obamanomics is heavily weighted toward infrastructural stimulus spending and lender-of-last-resort policy initiatives.
  • Tax increases appear to be a pivotal aspect of Obamanomics.
  • Finally, we've heard Obama speak a lot about "spreading the wealth around," so we can assume policy initiatives aimed at wealth redistribution are also a key component of Obamanomics.
So uh... how exactly does any of this differ from any president, Republican or Democrat, from the last 100 years or so? If, as the conservatives say, we are supposed to oppose Obamanomics, then what are they offering that presents us with any real difference? If, as the liberals say, electing more Republicans would mean throwing the poor to the wolves and so forth, why? Won't the Republicans just do more of the same kind of stuff?

More and more, I'm starting to feel that Republicans are the "tax cuts for the rich" party, while Democrats are the "tax hikes for the rich" party. Isn't there a better option? Say, tax cuts for everyone, including the rich? Tax hikes for no one?

Frustrating.