We Have Seen Three and a Half Years Of Economic Recovery Predictions from the Government That Have Failed (06/28/12)
Washington economic experts have been proclaiming that economic recovery is right around the corner since before they were sure the patient was sick.
For those of us who have been saying all along that none of the economic interventions since 2007 would revive the economy—not the rescue of Bear Stearns and other financial institutions; not the Troubled Asset Relief Program; not the American Recovery and Reinvestment Act; not Quantitative Easings I, II, and III; not the Patient Protection and Affordable Care Act; not Cash for Clunkers or Solyndra or the bailouts of Chrysler and General Motors—the cavalcade of wrongheaded, fantastical economic analysis coming out of official Washington and its media in recent years would be hilarious if it were not so infuriating.
The granddaddy of these economic inanities is Federal Reserve Bank chairman Ben Bernanke's March 2009 declaration that he could see economic "green shoots":
"I think as those green shoots begin to appear in different markets and as some confidence begins to come back, that will begin the positive dynamic that brings our economy back."
With the benefit of hindsight it's easy to laugh at Bernanke, and some folks have been known to do so.
Trillions of dollars have been spent on monetary expansion and economic recovery since the beginning of the Obama administration. At least a trillion had already been spent before President Barack Obama was sworn in.
We would have been better off in the scenario without the recovery plan. Throughout that period, headline unemployment has exceeded predictions every single month, growing from 7.3 percent to 8.2 percent (and topping 10 percent during the period when the Recovery Act's purported benefits were at their peak).
For full article go to Reason.com.
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