What economic recovery?
…why is the current recovery so weak? It is not because of the aftermath of the 2007-08 financial crisis. U.S. Financial markets began to recover in late 2008, more than four and a half years ago. Moreover, research by Michael Bordo of Rutgers University and Joseph Haubrich of the Federal Reserve Bank of Cleveland show that US recoveries following financial crises are typically faster, not slower, than average.
Recent research by us and other scholars analyzes the chronically slow economic recovery from a very different perspective. Specifically, our view is that poorly designed and implemented government policies have impeded capital and technological investments and hiring, and that bad government policies – not underlying problems with the U.S. market economy – are the primary reason why the economy has not recovered.
And the low-info voters voted for four more years of it last fall.
One could have seen what was going to happen just by looking at the Japanese “lost decade”. The Obama (and before them, the Bush adminstration) pulled the same tricks (even quantitative easing was tried). The only difference was that the execution was a bit less competent and the government viciously anti-business. And we find as a result, similar “economic malaise”. But just imagine how much worse it could have been, if they hadn’t tried a failed approach one more time!
Some people claim that Obama is super intelligent but the evidence is lacking. One key element of intelligence is the ability to learn from experience, both your own and that of others. Obama keeps advocating policies have have failed repeatedly. He may be “book smart” but only of the wrong books, He isn’t intelligent. He most certainly isn’t wise. Nor is anyone who voted for him.