One of the economics blogs I like to check out is Project Syndicate, where University of California at Berkeley economist J. Bradford DeLong recently posted America’s Political Recession. Professor DeLong takes up the notion of a bipartisan solution for our economic woes and has an interesting take on the intransigence of the Republican Party:
Obama broadly follows Ronald Reagan’s (second-term) security policy, George H.W. Bush’s spending policy, Bill Clinton’s tax policy, the bipartisan Squam Lake Group’s financial-regulatory policy, Perry’s immigration policy, John McCain’s climate-change policy, and Mitt Romney’s health-care policy (at least when Romney was governor of Massachusetts). And yet he has gotten next to no Republicans to support their own policies.
Professor DeLong says the odds of our economy going into recession next year are about 36% — largely attributable to Republican intransigence. I hope he’s wrong, but take a look at his post.