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A Thought about Economic Growth

"Something else is missing these days: robust economic growth.

“Over the 6 ½ years since the recession ended in the second quarter of 2009, real GDP has grown by a total of 14.5 percent, or at an annual rate of 2.1 percent,” according to Jeffrey Schlagenhauf, a former senior adviser to the congressional Joint Economic Committee.

“Other post-1960 recoveries averaged total growth of 28.4 percent (annual rate of 3.9 percent) over the comparable 26 quarters. The Reagan recovery of the 1980s saw real GDP grow a total of 35 percent, or at an annual rate of 4.7 percent.”

"To put this more vividly, imagine that you are in a car riding shotgun next to Ronald Reagan. You just left New York City and are heading south on Interstate 95. You zoom along in the fast lane, at 78 mph. You just passed a sedan in the next lane. A totally average motorist drives it and strictly obeys the 65 mph speed limit. And way back, in the rear-view mirror, a third auto slouches in the slow lane. Behind the wheel is Obama, plodding forward at 35 mph.

"Statistically, the Reagan, average and Obama recoveries have advanced at speeds equivalent to those of these three vehicles.

"To illustrate what this means over time, picture where these cars would be after 10 hours of nonstop travel: Reagan would be about 20 minutes north of Savannah, Ga. The average driver would find himself about 20 minutes past Florence, SC.

"And Obama would be crawling through the northern suburbs of Richmond, Va.

"Why are Americans so angry?"

~ Deroy Murdock

Source: his New York Post column, posted 3/11/16.


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