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Discussion: (3 comments)

  1. MacDaddyWatch

    Goolsbeeeee is one of many academics who failed in the real world and then beat it back to the classroom.

    He’s nothing but a third string Christina Romer.

    1. MacDaddyWatch

      And now lets look at the track record as engineered by Romer, Gloolsbee, et al–what really happened. For those with an open mind and a functioning memory, much can be learned by comparing the very weak recovery from the 2007-2009 recession with the very strong recovery from the 1981-82 recession. Both recessions were severe, and U.S. history shows that severe recessions tend to be followed by fast recoveries, even when the severe recession is due to a financial crisis. But growth has averaged only 2.2% in this recovery while it averaged 5.7% in the 1980s recovery, some 2.6X greater. And most recently, that 2.2% growth is beginning to look like an attractive target compared to the recent rate to which we have slowed.

      Much of the difference in growth can be attributed to the different ways in which we responded to the economic problems. Even the friendliest and most accommodative monetary policies in our history were overwhelmed by hostile fiscal and regulatory policies.

      The remedy is simple…role back hostile, expensive and anti-growth regulations and include cut our marginal tax rates. We need growth incentives and we must eliminate growth barriers. We need to stop demonizing and punishing success while rewarding failure.  

      That’s the difference between our current flagging 2.2% and 5.7%. That’s the difference between Obama and Romney.

  2. Spot on MacDaddy

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