Wednesday, May 23, 2012

How the Recovery Went Wrong

Harvey Golub, Wall Street Journal h/t Instapundit

excerpts

  • Over the past 60 years, there have been 11 recessions and 11 recoveries. Sadly, this recovery is near the bottom of all 11. Cumulative nonfarm job growth is just 1.9% 34 months into recovery, the ninth-worst performance and well below the average job growth of 6.5%. Cumulative GDP growth is just 6.8% 11 quarters into this recovery, less than half the average (15.2%) and the worst of all 11.
  • this administration has been overtly hostile to business across the economy except for progressive favorites like electric cars or wind and solar power
  • he says millionaires and billionaires aren't paying their fair share. He forgets, or simply does not know, that the top 1% of earners actually pay as much as the bottom 90%, and the bottom half pay no income taxes at all.

Comment:

This is an ideological president who is running an ideological campaign. Romney can run as a problem solver as contrast. The question that could get answered is this: will the public respond to a non ideological candidate? Or will people prefer a red meat campaign with both sides running towards their respective bases?

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