Measuring Economic Recoveries
This past weekend’s edition of Investor’s Business Daily (IBD) included an editorial that discussed “the endless economic recovery,” which said, “If you needed another metric by which to measure the failure of Obamanomics, new numbers released Friday show that two years after the recession ended the economy still hasn't fully recovered.”
According to IBD, “two years after the recession ended, the economy still hasn't made up the ground it lost, giving Obama the dubious distinction of presiding over the most prolonged economic recovery since the Great Depression.” The editorial explains:
“An IBD review of all the post-World War II recessions shows that, on average, it took just over two fiscal quarters for the economy to recover from a downturn and start expanding again.
“In contrast, we're eight quarters into the Obama recovery, and the expansion is somewhere off in the distance, with real GDP still $65.5 billion below the pre-recession peak. And if you take into account all the population growth that's occurred over the past two years, we're even further behind.”
Here’s the graphic that provides all the details you need to know:
The IBD editorial concludes saying:
“If a patient were taking an unusually long time to recover from an illness, a responsible doctor would try a new treatment regimen, rather than simply administer larger doses of the same drugs. He might even consult other doctors to see if they've had better luck with different prescriptions.
“But Dr. Obama gives no sign of doing anything other than pump more Keynesian medicine into the IV. It's possible he'll try a different approach in September, when he gives his much-anticipated jobs speech. If he doesn't, it will be nothing short of malpractice.”