U.S. President Barack Obama and his administration weakened the country‚Äôs economy by seeking to foster growth instead of paying down the federal debt, said Nassim Nicholas Taleb, author of ‚ÄúThe Black Swan.‚ÄĚ
‚ÄúObama did exactly the opposite of what should have been done,‚ÄĚ Taleb said yesterday in Montreal in a speech as part of Canada‚Äôs Salon Speakers series. ‚ÄúHe 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.‚ÄĚ
Today, Taleb said, ‚Äútotal debt is higher than it was in 2008 and unemployment is worse.‚ÄĚ
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...