Evidently, Georgia Tech Professor Thomas “Danny” Boston looks at President Obama through rose tinted glasses. In a recent interview on CNN, the economics professor gave President Obama a B overall grade for his first year in office. For a student of economics, Professor Boston surely missed the mark on this one. Let’s dissect his presidential report card more closely.
For financial stability: A. According to Boston, the president was able to avoid a complete disaster because he stabilized the collapse via spending programs. However, many critics believe that the worst is yet to come since the markets were never allowed to “bottom out” and recover through the free market structure. But, Boston did give Obama a C+ on bank loans because the banks are “hoarding cash”. This grade more accurately reflects the inability to acquire a loan when money is tight and guarded.
On fiscal stimulus: A. Professor Boston: “[It was] the right thing to do at the right time in the right amount.” Boston criticized the stimulus because not enough money was given to small business. Well, wasn’t that the whole point of the stimulus, to help America get back to work? The unemployment rate has only increased since the stimulus bill was passed. Boston said Obama had “stopped this tremendous and mammoth collapse of jobs… We didn’t go into a great Depression, but we don’t have new jobs.” Curiously, Boston admits that the bill failed its mission, but he still gives the president an overall B, and an A+ for attention to the economy.
I wish I got an A+ for simply paying attention in class. To top it all off, Boston gave the government a B- for its activist role that has “caused some investor uncertainty.” Who wants to borrow and spend when Obama is spending all your money for you?
Boston’s grades for Obama received are based on his intentions, not actions. Obama similarly won the Nobel Peace Prize because of his intentions. I bet the professor doesn’t grade his students for their effort, so why does he grade the President on his good intentions? If I ever need to take another economics class at Tech, remind me to choose a professor who grades for accuracy and achievement and who actually looks critically at our government’s ill-advised actions, not our president’s rhetoric and failed policies.