VodkaPundit has produced one of the best analyses of our current economic and political condition.
Reagan’s approach and results to an economic crisis were described in the article:
After choking off inflation, cutting taxes, and resisting any call for grand, new spending programs, President Reagan oversaw an amazing expansion of the U.S. economy. In just six years, the U.S. — quite cavalierly — conjured up an economy the size of West Germany’s and added it to the one we already had. Building on that base, President Clinton oversaw an even greater expansion, fueled by the entrepreneur-driven high-tech field.
Then Obama’s approach was described:
If you’re going to have a Euro-scale welfare state with a Euro-scale regulatory state while plumping up Euro-scale labor unions and ossified Euro-scale crony capitalists… well… guess what? You’re going to get Euro-scale unemployment.
VodkaPundit maintains that the Obama administration was aware of what would happen to employment, but miscalculated how it could be mitigated. They believed that stimulus could work one more time, not realizing how hollowed out the economy had become after four decades of such extend and pretend. The Administration also misjudged the character of the American people.
An interesting piece.