The Trouble with Obama's New Deal

Obama cannot fix the economy, says the former Speaker, with hidden taxes and more spending

Illustration by C.F. Payne for TIME

President Barack Obama

President Barack Obama faces a daunting political reality: the world he envisioned in the spring and summer of 2008, when he was formulating his political strategy and building his political alliances, has been replaced by a world in economic danger.

His $3.5 trillion budget might make sense if these were normal times, with a newly elected, very liberal Administration wanting to focus on reshaping America and redistributing wealth. However, these are not normal times. We are in the midst of the worst economic challenge in 80 years. (See pictures of the down-and-out...

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