Still No Jobs: There Will Be No Reagan Recovery Because There Is No Reagan Policy

Oh those evil “jobless recoveries”, remember them? Yeah, well, we have one. The jobs just aren’t magically appearing:

The Economist says “something’s not working”:

IN THE summer of 1984, Ronald Reagan declared “morning in America”. Running for re-election after a tumultuous first term during which unemployment rose to a postwar record of 10.8%, the president needed a hopeful message to take to the American people. When Reagan’s television advertisement ran, nearly two years after the official end of recession, unemployment was still high, at about 7.5%. But the president could accurately claim: “Today more men and women will go to work than ever before in our country’s history.”

In the spring of 2010, a similar dawn is some way off. Economic recovery probably began ten months ago, but employment has scarcely risen from its trough (see chart 1). About as many Americans are working as in the autumn of 1999–in a population that is larger by 28m. If Barack Obama wants to repeat Reagan’s boast in his own re-election campaign, by which time the recovery will be three years old, the economy will need to add jobs at a rate of more than 3m a year. That has not happened in over a decade

How about liberal policies meant to pay off liberal special interests rather than actually stimulate the economy. How about that?

There will be no Reagan Recovery. Ronald Reagan cut taxes. He didn’t add entitlements to a burdened system. He made far different choices than President Barack Obama.

President Obama likes to think of himself as FDR. I’m guessing that the economy will be an FDR recovery–which is to say things will get worse again.

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