President Obama has finally admitted that a core premise of his nearly trillion-dollar stimulus package was false. In an interview this week with The New York Times' Peter Baker, the president acknowledged that "there's no such thing as shovel-ready projects," despite the president's near-constant invocation of the term over a two-year period to explain how government spending was going to create jobs.
The president's admission is no minor matter; it goes to the heart of why his economic policies have been such a failure. Not since President Jimmy Carter's confession in 1980 that it took the Soviet Union's invasion of Afghanistan for him to fully understand "what the Soviets' ultimate goals are" has a sitting president so fully exposed his ignorance.
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More and more people are beginning to make comparisons to Carter. What we need, on the other hand, is another Reagan.