American Elephants

Recovery? What Recovery? by The Elephant's Child

From the Wall Street Journal’s “Notable & Quotable” Column:

Geoffrey Norman, writing online for the Weekly Standard, Jan 21.

What should be a recovery on steroids—after all, it has had six years to get in shape—is still not up to speed. If there were as many people in the labor force now, as there were when President Obama came into office, the unemployment rate would be close to 10%. And the spirit of entrepreneurship has dimmed to the point that, as Gallup finds:

“The U.S. now ranks not first, not second, not third, but 12th among developed nations in terms of business startup activity. Countries such as Hungary, Denmark, Finland, New Zealand, Sweden, Israel and Italy all have higher startup rates than America does. We are behind in starting new firms per capita, and this is our single most serious economic problem.”

And the worst of it is that:

“. . . for the first time in 35 years, American business deaths now outnumber business births.”

Plainly we need more regulation and higher taxes on small business.

2 Comments so far
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I was reading on the comments for another website and one of the reliable Obama supporters asked this question:

“Is there any objective standard by which we are not better off now than in the abyss of December 2008? If so, please name it.”

My first thought was, why do they always refer back to that one month? Yeah, it was bad in most places; the housing bubble had burst (thanks Mr Frank (D-MA)!), there were layoffs and closings. It was, without a doubt, the worst month of the Bush 43 presidency. But that’s the thing… it WAS the worst month. Almost anything would have been an improvement. It as if you rolled your vehicle – bad – but then I replaced the hood and one of the mirrors and claimed that I fixed your car. My thought is why they don’t compare what’s happening now economically with ALL of the Bush 43 Administration? Probably because Obama doesn’t come out so well in that comparison.

But hey, I’m game, I’ll play by their rules:
– Labor participation at it’s lowest levels since the late 1970’s
– Median incomes lower by almost $5000 since Obama took office
– Health care costs are higher (it does no good to claim that healthcare cost are increasing slower than before (which is not true), because they are still increasing)
– The national debt is over $18 TRILLION dollars; per taxpayer it’s over $154,000. And what exactly do we have to show for it?

This just a small sample, in addition to your post.

It seems that all Obama has to show for six years in office is that he won two elections. Gonna be a hell of a presidential library.


Comment by Lon Mead

I love your last two lines. Thanks for your comments, Lon. You always add a lot.


Comment by The Elephant's Child

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