Despite some recent signs the sluggish U.S. economy might be improving, President Barack Obama warns it could be years before the country is on a sound footing.
In excerpts from an interview with CBS' "60 Minutes" program that will air on Sunday, Obama was asked whether he underestimated how difficult it would be to fix the U.S. economy when he became president in 2009.
"I always believed that this was a long-term project," the Democratic president told "60 Minutes." He added it would "take time" to reverse "structural problems in our economy that have been building up for two decades."
Obama added in the excerpts, released on Friday, that he thought "it was going to take more than two years. It was going to take more than one term. Probably takes more than one president.Reuters article and video at The Huffington Post
Obama 60 Minutes Interview: Economic Fix Could Take Years
POTUS is clueless, and the Democratic Establishment is clueless. They cannot blame all this on Bush policies and an intransigeant GOP. They just don't get that "It's the demand, stupid," and government is the only one that provide the fix.
They also don't get that the "structural problems" are institutional, and that major institutions, especially FIRE, as in need of overhaul. As a result, we are on target for the next crisis being worse than the one we are still digging out from very slowly.
MMT to the rescue!