I predict that before next Thursday when the President gives his speech we'll hear a lot about the importance of this speech to Obama's re-election chances -- "pivotal" they'll call it, over and over. This is the speech that can turn around the Obama presidency. For cover, the Black Caucus will warn of civil unrest, and black unemployment numbers will be quoted over and over with footage of long lines of one kind or another, and each report will contain the obligatory Tea Party reference regarding spending cuts at a time of painful unemployment and suffering.
Every "mainstream" economist will tout the economic benefits of stimulus, and every pundit will agree that correctly targeted and big-enough stimulus will create demand in the economy, and they'll all tell you that demand is the problem, not business uncertainty regarding taxes and regulations and Obamacare. The stage is being set for a great speech along the lines of FDR taking charge of the depression and saving America from disaster. Once the speech is over, talk of the Comeback Kid will resonate, the pivot in Obama's presidency that fulfills the promise of Hope and Change, the long awaited push-back against Tea Party slash and burners, the lowering of the tides, etc., etc.
Contrasted with Obama's effort to strike a bi-partisan stimulus for the sake of the country will be Republicans who've been captured by the fringe of their party, and Republicans will feel the pressure to capitulate, because any stance on principle, economics and reason will come across as petty, partisan resistance to Democrats trying to help real, suffering Americans. There might even be mention of theory over practical reality, and how Republicans are clinging to ideology when our nation needs food and jobs.
Yes, the Grand Plan is in progress and media are doing their patriotic duty to revive Hope and Change. Get your popcorn now -- it'll be one helluva show.
Now, it's reported that adminsitration flunkies are downplaying expectations for the new speech -- well, not downplaying, really, just focusing expectations on a job-creation speech. In other words, they are raising the expectations that this is the pivot toward jobs that a trembling, helpless nation anticipates. Obama is back! Get out yer work boots and lunch pails, boys, we're going back to work!