Go Big, Mr. President!

Notwithstanding the skepticism and the real political obstacles he faces, President Obama is not powerless to act. In fact, there are many ways he could brighten the darkening circumstances and reshape national destiny. A president has discretionary authority, especially in an emergency, to make seismic changes in fundamental policies—without receiving Congress’s approval or even consulting it in advance. Indeed, the Obama White House could point to the historical precedent set by Richard Nixon and Ronald Reagan. In far less dire circumstances, both Republican presidents imposed unilateral policy shifts—wage and price controls or emergency tariffs or arbitrary limits on imports—to halt economic deterioration and protect American jobs.