My new piece at Fox News starts off this way
Last Friday, Lawrence Summers, the White House Economics adviser, blamed a fearful public for dragging the economy down and said that there was an “excess of fear.” Summers is right that an “excess of fear” has really harmed the economy and that that the downturn has been much sharper than it had to be.
Fear has scared consumers into changing their spending decisions. Businesses that would have gotten money from those consumers have had to change their plans and cut back on employment. The increase in unemployment is temporary as the money hasn’t disappeared, but simply gone to other places and it takes time to move jobs around.
As this fear has spread, the economy has shrunk even faster.
But who has been responsible for instilling this fear? . . . .
Labels: Obama, ObamaAdministration, op-ed