he Prize is really more of Booby Prize for Obama’s predecessor. Had the world not suffered eight years of George W. Bush, Obama would not be receiving the Prize. He’s prizeworthy and praiseworthy only by comparison.
The public doesn’t know what’s going on because the national media would rather report on the sexual escapades of famous people or social trends or high finance (a recent Pew study of economic reporting shows the vast majority of stories about the Great Recession have focused on Wall Street rather than Main Street).
It would be hard to get a new stimulus package through Congress, but no member who’s up for reelection next year when unemployment is likely to be in double digits wants to be accused by rivals of voting against steps to help small businesses, public schools, childrens’ health, and average working people who need a tax cut.
Let’s be clear: Wall Street today is up to the same tricks it was playing before its near-death experience: Derivatives, derivatives of derivatives, fancy-dance trading schemes, high-risk bets. “Our model really never changed, we’ve said very consistently that our business model remained the same,” says Goldman Sach’s chief financial officer.
The ideal of universal care has revolved around two poles. In the 1930s, liberals imagined a universal right to health care tied to compulsory insurance, like Social Security. Johnson based Medicare on this idea, and it survives today as the “single-payer model” of universal health care, or “Medicare for all.” The alternative proposal, starting with Eisenhower, was to create a market for health care based on private insurers and employers.