who sees it?
Dan Mitchell has this stark comparison of Obamanomics vs Reaganomics – and the point is missed. A point I’ve made before. The economy was in a mild recession until June of 2008 when it became dreadfully apparent that Barack Obama was going to be elected and have strong support in both Houses of Congress.
Here’s the chart:
Mitchell’s point is summarized here: “Under Obama’s policies, by contrast, we’ve just barely gotten back to where we were when the recession began. Unlike past recessions, we haven’t enjoyed a strong bounce. And this means we haven’t recovered the output that was lost during the downturn.”
The 2007 recession took a nose-dive 4 quarters after its start. What was happening in mid-2008? Why Barack Obama was accepting Hilary Clinton’s endorsement.
So – am I the only one? And if so – am I the only one because I’ve noticed something that no one else has or because what I’ve noticed really isn’t there? It looks like an inflection point – a point in a process where an event happened that caused the process to go out of control.