My newest piece starts this way
Call it the "excuses recovery." President Obama and his administration have been warning for the last week that the just announced first quarter GDP growth rate of 1.8 percent would be weak, and they have been quick to blame it on the recent spike prices in oil. The problem is that this whole recovery has been anemic, not just one or two slow quarters of economic growth.
Seven quarters into the Obama recovery, GDP growth has averaged an annual rate of only 2.8 percent. In contrast, since 1970, the first seven quarters of previous recoveries averaged 4.6 percent. The poor growth rate is especially surprising since the preceding recession was so severe, there should have been ample room for high growth as the unemployed returned to work. For example, the Reagan recovery followed a similarly high unemployment rate and saw the economy grow at an average annual growth rate of 7 percent (see graph here).
The slight decrease in unemployment – currently at 8.8 percent -- has been touted as good news. Yet that slight drop has largely been . . .
Labels: Economy, stimulus