Tuesday, December 27, 2016

The Obama Recovery Is A Myth

President Obama has staked a great part of his legacy on the idea that he skillfully engineered a great recovery from the financial crisis. The Obama-friendly media routinely parrot the idea. But in fact, as a shocking new study from the nonpartisan U.S. Council on Competitiveness and the Gallup organization suggests, the so-called recovery doesn't exist.
As recently as Oct. 11, less than a month before the election, the online publication The Hill ran this headline: "Obama's economic legacy ensures Democrats decades of success." No kidding. But it's a bit unfair to single them out: Others have run with similar themes. The point is, it's not true.
The reason Obama's chosen successor, Hillary Clinton, didn't win a third straight presidential term for the Democrats was that they actually seemed to believe their own propaganda, while Middle America didn't. For most Americans, the much-hoped-for recovery has been nonexistent. That's why they voted in droves for Donald Trump in normally Democratic strongholds.
The new study, "No Recovery — An Analysis of Long-Term Productivity Decline," provides strong clues as to why that is.


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