This is an Obama-made becalming of the economic waters, an inevitability when Obamacare, the Dodd-Frank Wall Street reforms, an out-of-control federal regulatory blob consisting of the Environmental Protection Agency, Consumer Product Safety Commission, Department of Interior and more, combined with massive deficits to create the perfect storm for the private sector.
Amity Shlaes described in her magnificent "The Forgotten Man: A New History of the Great Depression" how President Franklin Roosevelt and his group of political operatives and academic theorists prolonged the terrible times brought on by the Crash of 1929 by endless "innovation."
The uncertainty that resulted drove capital and the entrepreneurs who might have deployed it underground. Unpredictable government was a menace to private-sector planning and investment, but this fundamental truth eluded Roosevelt.
Sadly, Obama, wearing his Alinskyite blinders and advised by his Chicago gang, either didn't read or failed to understand Shlaes' arguments. Every promise he made about every policy and program he proposed has turned to ash, and the national headache is profound and debilitating.
Don't expect "hope and change" to be the defining brand of the president's bid for re-election. But do expect a "hair of the dog" set of proposals when the president unveils the specifics of his latest "hard pivot" to jobs.
Could the president really trust his mainstream media allies so much that he would dare propose a second stimulus? It would require an almost Mount Everest amount of self-regard and economic ignorance to believe that more federal spending is the ticket out of our near zero-growth economy.
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