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===Obama's policies problematic, say economists and public===

===Obama's policies problematic, say economists and public===

In the view of 51 mostly conservative economists polled by the ''Wall Street Journal'' in July 2009, the Obama administration's economic performance is problematic. President Obama and Treasury Secretary Geithner both got an average grade of 70 out of 100 for their handling of the financial crisis, but those grades varied widely.<ref>Obama scored 59 in March 2009, Geithner 51, and Bernanke 71. See Phil Izzo, "Obama, Geithner Get Low Grades From Economists,"  [http://online.wsj.com/article/SB123671107124286261.html  ''Wall Street Journal'' March 11, 2009]</ref>  Former President Bush and ex-Treasury chief Paulson received average grades of 50 and 60, respectively, when economists were asked how they handled the crisis while in office. By contrast, Fed chairman Bernanke scores much better, with an average grade of 85; in addition 93% of respondents said he should be reappointed by Obama when Bernanke's term expires early next year.<ref>Phil Izzo, "Few Economists Favor More Stimulus," [http://online.wsj.com/article/SB124708099206913393.html ''Wall Street Journal'' July 10, 2009] </ref>

In the view of 51 mostly conservative economists polled by the ''Wall Street Journal'' in July 2009, the Obama administration's economic program is problematic. President Obama and Treasury Secretary Geithner both got an average grade of 70 out of 100 for their handling of the financial crisis, but those grades varied widely.<ref>Obama scored 59 in March 2009, Geithner 51, and Bernanke 71. See Phil Izzo, "Obama, Geithner Get Low Grades From Economists,"  [http://online.wsj.com/article/SB123671107124286261.html  ''Wall Street Journal'' March 11, 2009]</ref>  Former President Bush and ex-Treasury chief Paulson received average grades of 50 and 60, respectively, when economists were asked how they handled the crisis while in office. By contrast, Fed chairman Bernanke scored much better, with an average grade of 85.<ref>Phil Izzo, "Few Economists Favor More Stimulus," [http://online.wsj.com/article/SB124708099206913393.html ''Wall Street Journal'' July 10, 2009] </ref>

[[Image:Stim1.jpg|thumb|380px|Cartoonist Chuck Asay summarizes the debate]]  

[[Image:Stim1.jpg|thumb|380px|Cartoonist Chuck Asay summarizes the debate]]  

The economists are pessimistic about the economy, predicting it will shed another 2.8 million jobs over the next 12 months as the unemployment rate climbed to 9.5% in June 2009, then hit 10,2% in October, as the GDP fell at an alarming -6.4% annual rate in the first quarter of 2009. 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 were pessimistic, predicting the economy would shed another 2.8 million jobs over the next 12 months after the presidents program was passed.<ref>uThe Unemployment rate climbed to 9.5% in June 2009, then hit 10,2% in October, as the GDP fell at an alarming -6.4% annual rate in the first quarter of 2009.</ref> 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 gave 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.

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.

In June 2009 public opinion was favorable toward Obama personally, but increasingly dubious about his plans to overhaul health care, bailout the auto industry and close the prison at Guantánamo Bay. But with a positive job approval rating of 63% , Mr. Obama has the backing of Democrats and independents alike, even as Republicans turn negative, with only 23% supporting him.  Support for Obama's foreign policies and terrorism policies remains high at 57-59%.  Meanwhile the GOP weaknesses were glaring: the June poll found that the Republican Party is viewed favorably by only 28% of Americans, the lowest rating ever in a New York Times/CBS News poll. In contrast, 57% said that they had a favorable view of the Democratic Party.<ref> [Jeff Zeleny and Dalia Sussman, "Obama Poll Sees Doubt on Budget and Health Care [http://www.nytimes.com/2009/06/18/us/politics/18poll.html?th&emc=th ''New York Times'' June 17, 2009]</ref>

In June 2009 public opinion was favorable toward Obama personally, but increasingly dubious about his plans to overhaul health care, bailout the auto industry and close the prison at Guantánamo Bay. With a positive job approval rating of 63% , Mr. Obama had the backing of Democrats and independents alike, with only 23% of Republicans expressing approval.  Support for Obama's foreign policies and terrorism policies originally was high at 57-59%.   

Billionaire [[Warren Buffett]], former Federal Reserve Chairman Paul Volcker, and former Clinton Treasury Secretary [[Robert Rubin]] constituted Obama's transition team of Economic Advisers.<ref>[ http://www.bloomberg.com/apps/news?pid=20601110&sid=aSzNv81CYh0c Obama to Meet With Buffett, Daley, Economic Advisers], Bloomberg, Nov. 6 2008.</ref>  Rubin has been sharply criticized for his role in the collapse of [[Citigroup]] which has taken $45 billion in federal [[bailout]] money.<ref>[http://www.reuters.com/article/topNews/idUSN0930738020090109 Robert Rubin quits Citigroup amid criticism], Reuters, Jan 9, 2009</ref>  Buffett has since the inauguration been an outspoken critic of the administration's declared objective of not allowing "a crisis to go to waste" [http://www.swamppolitics.com/news/politics/blog/2009/03/buffett_hits_obama_congress_on.html] and Obama's massive tax increase on the needy and those least able to afford it. [http://greeninc.blogs.nytimes.com/2009/03/09/buffett-cap-and-trade-is-a-regressive-tax/]

 

Billionaire [[Warren Buffett]], former Federal Reserve Chairman Paul Volcker, and former Clinton Treasury Secretary [[Robert Rubin]] constituted Obama's transition team of Economic Advisers.<ref>[ http://www.bloomberg.com/apps/news?pid=20601110&sid=aSzNv81CYh0c Obama to Meet With Buffett, Daley, Economic Advisers], Bloomberg, Nov. 6 2008.</ref>  Rubin was being sharply criticized for his role in the collapse of [[Citigroup]] which needed $45 billion in federal [[bailout]] money.<ref>[http://www.reuters.com/article/topNews/idUSN0930738020090109 Robert Rubin quits Citigroup amid criticism], Reuters, Jan 9, 2009</ref>  Buffett, after the inauguration, spoke out against the administration's declared objective of not allowing "a crisis to go to waste" [http://www.swamppolitics.com/news/politics/blog/2009/03/buffett_hits_obama_congress_on.html] and Obama's massive tax increase on the needy and those least able to afford it. [http://greeninc.blogs.nytimes.com/2009/03/09/buffett-cap-and-trade-is-a-regressive-tax/]

===Bailout Crisis ===

===Bailout Crisis ===