U.S. President Barack Obama and his administration weakened the countryâ€™s economy by seeking to foster growth instead of paying down the federal debt, said Nassim Nicholas Taleb, author of â€śThe Black Swan.â€ť
â€śObama did exactly the opposite of what should have been done,â€ť Taleb said yesterday in Montreal in a speech as part of Canadaâ€™s Salon Speakers series. â€śHe surrounded himself with people who exacerbated the problem. You have a person who has cancer and instead of removing the cancer, you give him tranquilizers. When you give tranquilizers to a cancer patient, they feel better but the cancer gets worse.â€ť
Today, Taleb said, â€śtotal debt is higher than it was in 2008 and unemployment is worse.â€ť
Obama this month proposed a package of $180 billion in business tax breaks and infrastructure outlays to boost spending and job growth. That would come on top of the $814 billion stimulus measure...