Recession or no recession: Who’s a voter to believe?

Brian Domitrovic, in his book “Econoclasts,” put it this way: “Supply-siders did not start the businesses, introduce the technologies, or develop the markets that impelled the post-1982 boom. What they did do, however, was to instruct the government precisely how to get out of the way of an economy full of potential.” Reagan’s economic and regulatory policies gave the Microsofts and Apples and other innovative companies the space to grow and kick off one of the longest economic booms in history.

But Biden has always viewed the federal government as the preferred remedy for every challenge, from unemployment to inflation and beyond. We all remember his previous venture leading an economic rescue effort — the Obama administration’s Recovery Act, signed in early 2009.

That plan, based on Keynesian economic theory, banked on a $787 billion government stimulus effort to bring the country out of recession, rather than Reagan’s successful lower tax-less regulation approach.

Instead, starting in April 2009, there were 30 consecutive months of 9 percent or greater unemployment, after the country was promised that it would not go above 8 percent if the stimulus package was passed. By the fall of 2010, people had had enough. Democrats lost 63 seats and their majority in the House.

The fact that Biden apparently learned nothing from the Obama Recovery Act’s agonizingly slow job creation and growth is a damning indiscretion of his unwillingness to reflect on past failures or consider alternatives.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker