The Economics of No-Growth

Last Sunday the New York Times released a picture of President Barack Obama giving an interview to its reporters in Galesburg, Illinois. Truth be told, he looked surprisingly gaunt. Not to put too sharp a point on it, but he looked desperate! He was in Galesburg to launch another series of speeches on the economy, which reportedly grew at an anemic 1.8 percent in the first quarter and is predicted to have grown even more slowly in the second quarter. During the economic recoveries of the Reagan-Clinton years, the economy grew at 3-4 percent. Our president spoke in Galesburg about income inequality. He ought to be concerned about growth for everyone, not only the middle class or the down and out. The problem is the economy is growing too slowly for everyone.
On Monday he had Hillary Rodham Clinton over to the White House for a mysterious luncheon. It was not made known what they talked about, but my guess is that he asked her for the services of her highly accomplished make-up artist. The creases in her forehead and face run deep from her decades of service to the Clintons’ great cause, namely, winning public office and putting a damper on all the attendant scandals that follow. She has subdued the collateral damage admirably. Now she can come to the aid of the President by handing over her gifted cosmetician. His needs grow with every quarter of economic inactivity.

http://spectator.org/archives/2013/08/01/the-economics-of-no-growth