Opposition to Obama's policies is risking a global meltdown or something

American politicians simply don’t seem to understand the existential threat that their economy is now facing. Instead of uniting to deal with a national emergency far more threatening to their way of life than the terrorist attacks of 9/11, they have responded by dividing more sharply than ever into hostile partisan camps…

The lack of urgency, of focus and of national unity in America’s response to the financial crisis is the most surprising – and most dangerous – threat to our chances of recovery. With clear American leadership, a global policy to stabilise the banks and pull the world out of recession could readily be agreed. All the main elements of such a policy – lower taxes, public works programmes, monetary and credit expansion, cast-iron government guarantees for recapitalised banks – are broadly agreed among economists and endorsed by global institutions such as the IMF.

None of these policies would be painful to voters, since they would involve easier financial conditions, lower taxes, more jobs and stronger guarantees for savings. Why then are they proving so hard to put into practice? Is it because many Americans would rather see their economy collapse than a Democratic President succeed?