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Discussion: (10 comments)

  1. Of course, GS would find no fault. Things are fine at GS regardless of the policy trend, as long as it includes commissions for the sale of treasury notes. The financialization of the US economy can only benefit those with a window at the Fed.

  2. When your home is worth X one year and 5% of X two years later, the job market drops even faster and all new jobs are part time Holiday sales jobs, people have a tendency to become disillusioned. All of the above can be attributed to Dodd, Frank, Pelosi, Reid and BHO. Granted they had help from many others, but these are the leaders.

  3. the stimulus could have been better designed

    The only items “leftover” from ARRA are SNAP and emergency unemployment insurance which ended last month and maybe this month, respectively.

    FRED graph

    Your counterfactual is; in the absence of grants-in-aid to state and local governments, how many more jobs would have been lost before the January 2010 employment trough?

  4. You’re overgeneralizing by saying “2013 tax hikes hurt growth” – that’s assuredly true with regard to the FICA payroll tax returning to the 6% level it started at prior to being temporary cut to 4%, but the impact of the other tax hikes on growth are minimal to non-existent.

  5. Why has the US recovery been so slow? This chart suggests it’s not because of Obamanomics“…

    LOL! OK…

  6. Patrick Gatti

    Super slow in comparison to what other first world nation?

  7. S. Bailey

    The article fails to cover the implications of a Fed policy that embraces the notion that an unending QE of $86B/month of bond buys aggregating to over $4T has artifically inflated the stock market that is sustained in spite of negative underlying fundamentals. Tapering of any size will negatively impact the stock market, incite fear among the investment community and further drag down the economy. The Fed has created a damned if you do, damned if you don’t fiscal environment that it very likely to lead to much higher inflation.

  8. Sgt. Friday

    The economy was not strong from the Nasdaq crash to the housing crash, especially given the fact that the housing ATM was at work during those years. Throw in worse performance in many other developed countries. Plus the fact that U.S. just scored 36th on PISA tests in math. I would say it is demographics. Aging population. Low fertility rates among socio-economically competitive people. Family dissolution. Huge increase in immigrants, in part to replace children not born. Many of these immigrants are struggling, which was the norm in American history for many identifiable groups. Sorry, Goldman Sachs is talking their book. What a shock.

  9. Why has the US recovery been so slow?

  10. Why has the US recovery been so slow?


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