New Fox News piece: You Call This a 'Recovery'?
My newest piece starts this way:
So this is the economic growth that by far the largest Keynesian stimulus in American history produces? President Obama’s $814 billion in stimulus, a more than $1.3 trillion annual deficit for the second year in a row, has produced what the administration has declared is the long awaited "Summer of Recovery."
Last fall the economy grew at a reasonable 5 percent annual rate, though even that was not particularly fast for a "recovery." Yet, it has dropped since then: during January through March, the growth rate dropped to 3.7 percent and April through June, 1.6 percent.
But Americans didn't need the new incredibly slow GDP growth numbers that came out on Friday to tell them that the economy was growing slowly or see through the Obama administration's constant cheerleading. . . .
Labels: foxnews, ObamaAdministration, op-ed, stimulus, unemployment
posted by John Lott at 12:24 PM
1 Comments:
John,
You wrote that, "The only thing that Obama has proved is that Keynesian economics is dead." I thought FDR proved that during the Great Depression. I thought Carter proved it again during his administration. But you are wrong. While our children will certainly remember this experiment, as we all remember the depression and the Carter era, they most likely won't learn from it any more than people learned from the last 2 similar experiments.
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