Obama: better hedge than wedge

John Judis makes a strong case that Obama has got the wrong strategy for reelection: that by focusing on deficits, he is playing on Republicans' turf; that he should focus relentlessly on jobs, which is what the electorate says it cares about; and that he should basically be working to slam the GOP relentlessly for blocking whatever sheaf of job-growth plans he puts out, as they will surely do.

Perhaps Judis is right. But an unspoken premise in his argument is that messaging matters more than policy. Obama knows that as of now he can't get any job growth plans through Congress. Should he run on Republicans' refusal to pass his proffered plans?

What I think Judis should at least acknowledge is that Obama has already taken the best shot he could, in the runup to 2012, at juicing the economy. His huge gamble was the tax cut deal of December 2010.  In exchange for a Democratic pearl of price -- early sunsetting of the Bush tax cuts for the wealthiest 2% -- he won an (under the circumstances) enormous jolt of fresh stimulus, the key components of which were 13 months of extended unemployment benefits, a bit more than a 32% cut in individuals' payroll tax,* and accelerated investment writeoffs for businesses.  Moody's Mark Zandi pegged the value of Democratic agenda items in that deal at $336 billion. Republican agenda items in that deal worsen the deficit for relatively little benefit -- they were less efficient stimulus, but stimulus nonetheless.