Obama's Incompetence Is Reason For Poor Recovery

For years now, the Obama administration has excused the slowest economic recovery in history as a result of the deep financial crisis of 2008-09. Now a study from a surprising source casts serious doubt on that....


...In short, don't blame Obama or the Fed for the weak 2.2%-a-year growth the U.S. has posted since the financial crisis. No, blame the financial crisis, which, as we all know, was caused by Wall Street greed.
But now a new study finds "little support for the conventional wisdom that the output declines following financial crises are uniformly large and long-lasting." In fact, the declines are "on average only moderate."
So much for the "financial crisis ate my recovery" lie. Bad policy, not the financial crisis, is why we've had such pathetic economic performance for five years.
Even more interesting is who authored the study: Christina and David Romer. If that first name sounds familiar, it should. She was Obama's chief economic adviser for the first two years of his presidency.
Nor are she and her husband, both well-regarded liberal-leaning economists at the University of California, Berkeley, alone in their conclusions.
An earlier, extensive study of U.S. recessions by Michael Bordo of Rutgers and Joseph Haubrich of the Federal Reserve Bank of Cleveland found that, on average, recessions that happen due to financial crises tend to have faster recoveries — not slower ones.
In short, treat comments from left-wing politicians about the slow expansion with extreme skepticism. As new data suggest, Obama's incompetence, not the financial meltdown, is why the recovery was such a disaster.


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