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The Administration is coming up to that magical 100-day mark, at which point measures are taken of how a new president is doing. As a university professor I'm accustomed to giving grades. So here's my report card on Obamanomics so far:
The 10-year budget gets an A. It's an extraordinary vision of what America can and should become, including universal health insurance and environmental protections against climate change. And the budget takes a little bit more from the rich and gives a little bit more back to the poor and lower middle class, which seems appropriate given that the income gap is wider than it's been since the 1920s. I'd give the budget an A plus except for its far-too-rosy economic projections.
The stimulus package gets a B. Good as far as it goes but doesn't go nearly far enough. $787 billion over two years sounds like a lot of stimulus. But the economy is operating at about a trillion and a half dollars below its capacity this year alone. And considering that the states are cutting services and increasing taxes to the tune of $350 billion over this year and next, the stimulus is even smaller.
The last grade is for the bank bailouts. I give them an F. I'm a big fan of this administration, but I've got to be honest. The bailouts are failing. So far American taxpayers have shoveled out almost $600 billion. Yet the banks are lending less money than they did five months ago. Bank executives are still taking home princely sums, their toxic assets and non-performing loans are growing, and the banks are still cooking their books. And now the Treasury is talking about converting taxpayer dollars into bank equity, which exposes taxpayers to even greater losses.
So that's the report card. An A on the budget, B on the stimulus, and F on the bailout. On the whole (given how I weigh grades) that gives Obamanomics a C-plus. Not bad given the magnitude of the problems Obama inherited. But by the same token, not nearly good enough.
BOOKS
Dreams from My Father: A Story of Race and Inheritance
Obama's first book, a memoir focused on personal issues of race, identity, and community.
By Barack Obama
The Audacity of Hope: Thoughts on Reclaiming the American Dream
Obama's second book, in which he shares his personal views on faith and values and offers a vision of the future that involves restoring a government that has fallen out of touch with the people.
By Barack Obama
10 reasons there's a bright future for journalism
An optimistic take on what's coming, both for news outlets and news consumers.
By Mark Glaser, Salon
Obama: From Promise to Power
In this compelling book, a Chicago Tribune reporter draws on interviews with Obama, his family, friends, and rivals, as well as his own extensive coverage since Obama's days in the Illinois Senate, to offer a nuanced look at a man of idealism and ambition intent on making history.
By David Mendell
SPEECHES
July 28, 2004: Obama's first national prime-time speech
In this speech, Barack Obama urges America to remember its unity, pledging that "out of this long political darkness a brighter day will come."
August 28, 2008: Obama's acceptance of the Democratic Party's presidential nomination
In this speech, Obama lays into John McCain, describing him as "anything but independent."
November 5th, 2008: Obama's victory speech
In this speech, Obama tells his ecstatic supporters, and the entire nation, that "change has come to America."
January 20, 2009: Obama's inaugural address
The new president calls upon the nation to face its challenges head on, with determination, strength and a commitment to ensuring the delivery of freedom to future generations.
SALON STORIES
How would Barack Obama handle foreign policy?
The presidential contender on dealing with Iran, fighting AIDS in Africa and restoring America's standing in the world.
By Walter Shapiro, Salon
Chicago is Barack Obama's kind of town
The city has a unique history of launching the careers of powerful black politicians -- which is part of the reason Obama moved there.
By Edward McClelland, Salon
American revolutionary
In his acceptance speech, Barack Obama stood up for Democratic values, took the fight to McCain -- and proved that the United States is still capable of reinventing itself.
By Walter Shapiro, Salon
Barack Obama's epic win
The culmination of a brilliant campaign, Obama's unequivocal defeat of John McCain marks a political and generational transformation.
By Walter Shapiro, Salon
Barack Obama, honeymoon killer?
The Clintonites in his Cabinet, forgiveness for Lieberman, the creeping signs of centrism -- progressives aren't ready to panic, yet.
By Mike Madden, Salon
"A new era of responsibility"
Mixing straight talk about dire times with lofty rhetoric about hope and determination, Obama repudiates Bush and vows to get to work.
By Mike Madden, Salon
OTHER STORIES
The Conciliator
Where is Barack Obama coming from?
By Larissa MacFarquhar, The New Yorker
Time's "Person of the Year" coverage of Obama
A strangely fascinating database of Obama-formation, including everything from "6 Degrees of Obama" to a collection of Obama-themed art from Flickr.
Time
The presidency of Barack Obama
This New York Times megapage is the last word on Barack Obama, including everything from his personal biography to his current political stance on detainees and Africa.
The New York Times
We're Not Just Ballers And Rappers
Why I'm not celebrating the end of the bailout
In Accepting Peace Award, Obama Lectures on Just War