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→Optimism or pessimism?: update
===Optimism or pessimism?===
===Optimism or pessimism?===
The Obama Administration is basing its domestic policies on the assumption of a rapid economic recovery, that will generate the tax revenue needed to fund permanent new spending program in areas such as health care and greening the economy. It assumes that the rich will recover enough of their investments to pay new taxes--right now tax collections are falling sharply as investments turn sour. Administration forecasts are more optimistic than private sector forecasts, which see a 25% chance of a '''Second Great Depression'''. Congress is unlikely to approve very heavy new spending programs unless the economy improves, since a large number of conservative Democrats have been recently elected who may vote with Republicans to keep down spending and deficits.<ref> Peter S. Goodman, "Sharper Downturn Clouds Obama Spending Plans," [http://www.nytimes.com/2009/02/28/business/economy/28recession.html?_r=1&th&emc=th ''Washington Post'' Feb. 27, 2009]</ref>
The Obama Administration is basing its domestic policies on the assumption of a rapid economic recovery, that will generate the tax revenue needed to fund permanent new spending program in areas such as health care and greening the economy. It assumes that the rich will recover enough of their investments to pay new taxes--right now tax collections are falling sharply as investments turn sour. Administration forecasts are more optimistic than private sector forecasts, which see a 25% chance of a '''Second Great Depression'''. Congress is unlikely to approve very heavy new spending programs unless the economy improves, since a large number of conservative Democrats have been recently elected who may vote with Republicans to keep down spending and deficits.<ref> Peter S. Goodman, "Sharper Downturn Clouds Obama Spending Plans," [http://www.nytimes.com/2009/02/28/business/economy/28recession.html?_r=1&th&emc=th ''Washington Post'' Feb. 27, 2009]</ref>
===Obama flunking, say economists===
Although public opinion of Obama remains positive, experts have turned from positive expectations in December 2008 to a negative assessment in March 2009. The ''Wall Street Journal'' survey of 49 professional economists gives poor grades to Obama and his key people. On a scale of 100 = best, Obama was scored 51 in March 2009, Treasury Secretary Geithner 51, and Fed Chairman Bernanke 71.<ref>See Phil Izzo, "Obama, Geithner Get Low Grades From Economists," [http://online.wsj.com/article/SB123671107124286261.html ''Wall Street Journal'' Mar. 11, 2009</ref>
The main criticism of the Obama team was the delay in rescuing banks. "They overpromised and underdelivered," said Stephen Stanley of RBS Greenwich Capital. "Secretary Geithner scheduled a big speech and came out with just a vague blueprint. The uncertainty is hanging over everyone's head." Geithner unveiled the Obama plan Feb. 10, but he offered few details, and the Dow Jones Industrial Average is down almost 20% since the announcement, as multiple issues have troubled investors' confidence. A second criticism was that the stimulus package was not big enough, although some argued it was unnecessary.
The economists are increasingly pessimistic about the economy, predicting it will shed another 2.8 million jobs over the next 12 months as the unemployment rate climbs to 9.3% by December, up from the 8.1% rate recorded in February. Economists see a one-in-six chance that the U.S. will fall into a depression, defined as a decline in per-person GDP or consumption by 10% or more. They give equally poor marks to the efforts of other countries to end the recession.
The economists, however, were broadly supportive of the Federal reserve. Over 85% agreed that its proliferating lending programs are well-designed, well-executed and helping the economy.
==Health Care==
==Health Care==