I'm not an expert. I have no idea, independently, which is the most politically realistic way to oppose Obama while maximizing positive externalities for the United States.
Separately, I have no idea what the best politically achievable approach (or the best theoretical approach) is to manage the U.S. economy. Given that there seems to be an expert behind just about every theoretical approach except 100% central planning, it seems reasonably possible to me that there's not an obvious best approach yet.
However, stylistically I like Dr. Feldstein's opposition to Obama. He has a concrete alternative proposal, he demonstrates a path to its political achievement, and he presents it with a competent expert's temperment (rather than a shrill ideologues.
I think the biggest problem today is the stupidity and unprofessionalism of Obama's opposition. He remains an outlier in both parties, and that's a shame. A purge needs to occur of the idiots in both parties' political leadership, even in the rank and file. That's a big project, but it could start with Republican primaries for democrat districts likely to swing red in 2010.
We need Republicans to promote and reward people like Dr. Feldstein. Not, needless to say, people like Governor Palin or even Senator McCain.
The entity being managed, the US, is a trillion dollar economy consisting of 300 million people. Dr. Feldstein's acting like it. President Obama's acting like it. In a population of 300 million, their performances of competent expertise is too rare.
EDIT: More stylistically intelligent, competent, and sober criticisms of Obama and Democrats can be found on this Gary Becker, Richard Posner joint blog. Mankiw, take note: they accept comments!