Dick Morris on the SOTU: "Ultimately, the fate of the Obama presidency depends on whether he is right or his conservative critics are. If he’s correct, more spending will bring down unemployment and put people to work. If he’s wrong, the deficit that results from his spending will keep joblessness high."

Well, the experience of the New Deal, which did not end the Depression, proves that Obama is wrong. And so does the stagflation of the 1970s.