Last week was great for President Obama — from nabbing Osama bin Laden on Sunday to good news on jobs on Friday. Republicans I speak to around Wall Street are even predicting that he’s now a shoo-in for re-election in 2012 — recovering just as Bill Clinton did from his own early screwups.
Not so fast. First, the “bin Laden bounce” is fading fast, down to 3 points in one poll. More important: If Obama is to follow in Bill Clinton’s footsteps, he’ll need a lot more weeks like the past one. And he’s not likely to get them — because his policies have always been more anti- growth than Clinton’s.
Reminders of the folly of Obamanomics are everywhere, from continued high unemployment to $4-a-gallon gas.
Obama’s building zero confidence about the future, too. He’s back to insisting on the end of the Bush tax rates after next year — promising higher taxes on “millionaires and billionaires,” meaning small businesses and families that make $250,000. And his plan to supposedly cut $4 trillion in spending over the next 12 years doesn’t add up — everyone knows it’s just a pose, so he can pretend to be responsible as he fights Republican efforts to make real cuts.