Obamanomics

Last night, my friend Patrick Consorti gave me an issue of the New York Times Magazine that had a long article on Obamanomics. If you have missed this article, published on August 20, it is perhaps one of the most comprehensive examinations of Obama’s thinking on economics, and I strongly encourage you to read it.

Given the current financial crisis, economic policy has finally emerged as the front and center campaign issue, something that needed to happen long time ago. I have wondered all along why Obama was not taking the issue head-on, and attacking McCain where he is perhaps the weakest: his understanding of economics.

Reading this article, I found the answer. Obama is confused about the economic policy alternatives. And for me, that is about the most reassuring thing to hear. Economic policy is a complex issue, and simplistic, populist moves are scary at best. The fact that in this article Obama looks like someone who is trying to understand, engaging with experts, and above all, studying, is encouraging. He certainly has the intellect to understand, which none of the other three key players in this election do. In the next 45 days, he needs to distill a crisp plan of action and communicate that to the voters.

To be fair, McCain needs to do the same. But I have less confidence in McCain’s ability to do so, which leaves Obama in a position where the 2008 presidential election has become his to lose.