Through the first quarter of 2014, during the first 4-3/4 years after the recession’s official end, this unprecedented spending and borrowing binge got us real average annualized economic growth of … wait for it … 2.1 percent. By contrast, during the 1980s recovery, the government under President Ronald Reagan faced far more challenging conditions, including sky-high inflation and interest rates, than Team Obama did in early 2009. Despite that, and while mostly making economic policy choices directly opposed to what Keynesians would have recommended, annualized growth averaged a stunning 4.8 percent.
Posted on: Sun, 25 Jan 2015 14:03:41 +0000
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