A Different Kind Of "WTF"

Jonathan Schell makes excellent points:

I haven’t noticed any surprising new satellites in the heavens recently. Why, then, does the president of the United States say that we are in a “Sputnik moment?” Why has that moment, now more than a half century past, been dragged out of obscurity to define the present? And why was the associated theme of American competitiveness in the world market chosen as the theme of the president’s State of the Union speech?

...Neither does any economic event or trend seem to explain the use of this historical reference point. It’s true that the United States’s educational system is measurably slipping. It’s also true that the country’s infrastructure has decayed badly. And yes, the United States would benefit from whatever technical innovation it can bring off, just as any country would. But none of those problems, needful of attention as they are in their own right, is the chief cause of the United States’s economic doldrums—its stubborn high unemployment, its persisting housing bust, its galloping economic inequality. These were the fruit of an economic crash brought on by a misguided, corrupt, incompetent, larcenous, unregulated financial establishment. The relevant remedies are not better technology or some contemporary equivalent of sending a man to the moon. (In any case, although Obama insisted “We do big things,” he didn’t offer one.) The remedies needed are a re-regulation and reconstruction of the financial system, plus a major, Keynesian style stimulus program to create jobs and purchasing power, and so to jar the economy out of its stupor. But none of that was in Obama’s speech. On the contrary, his proposal to freeze spending for five years threatened more economic stagnation.