One-month Report Card

Marking the one-month anniversary of Change, a financial columnist who covers Wall Street offers a grade to the new administration: F

A few snips from her article:
* "Certainly the political wrangling of the past month has dispelled optimism that President Obama can change the contentious nature of American politics. Both Democrats and Republicans have spurned Obama’s leadership."

* "The free-for-all over the stimulus bill portrayed Congress in the worst possible light — no surprise there — and led Americans to view not only the process but the bill with utter skepticism. Delivering a 1000-page bill to our legislators just two hours before the signing deadline (and then going on a long-weekend holiday before signing it) was outrageous. The mortgage relief plan hasn’t been received much better."

* "At the same time, Obama’s own administration seems sharply divided between pragmatists and ideologues. For instance, one camp is pushing for protectionist measures while the other recognizes the dire consequences that "Buy American" provisions might deliver."

Add to this bifurcated stance on trade the wishy-washy actions towards Gitmo and the softening of other campaign rhetoric (falling closely in line with the previous, President Bush policies in areas of national security, economics, etc.) -- it's no wonder that the Hope and Optimism find themselves softening among the People.

In fairness, we can't expect him--or anyone else who holds this high office--to do everything he said. Presidents, even Obama, are only human. The realities of governing will continue to conflict with the lofty rhetoric and compromises will be sought. Unfortunately, some compromises are better than others, and the "I won" attitude surrounding the so-called stimulus bill only underscores the poor policy that comes out of frenzied lawmaking.

And Liz Peeks isn't the only one pointing out the new administration's shortcomings. In a Wall Street Journal op-ed, Karl Rove asks, "Is the Administration Winging It? Obama's reputation for competence is at risk."

Rove points out issues such as vetting potential Cabinet appointees, and the withdrawals of Gov. Richardson and Sen. Gregg. "The administration treated as inconsequential the failure of its choices for Treasury secretary and White House performance officer, as well as its labor secretary-designate's spouse, to pay taxes. It failed to uncover Tom Daschle's problems with more than $102,943 in previously unpaid taxes, penalties and interest -- and once it did, aides assumed Mr. Daschle would be given a pass."

Also, "Team Obama was winging it when it declared the stimulus would "save or create" 2.5 million, then three million, then 3.7 million, and then four million new jobs. These were arbitrary and erratic numbers, and they knew there's no way to count "saved" jobs. Americans, being commonsensical, will focus on Mr. Obama's promise to "create" jobs. It's highly unlikely that more than 180,000 jobs will be created each month by the end of next year. The precise, state-by-state job numbers the administration used to sell the stimulus are likely to come back to haunt them as well."

On Bipartisanship? Don't even go there. The "stimulus" bill was a great example of how well Republicans and Democrats work together, and how well they follow the President's lead...

On Ethics? Nevermind the dozen or so lobbyists who were issued waivers to serve in Administration positions.

There's lots of Great Expectations out there - Let's hope they can pull it together.

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