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Economic Doctors Have Misdiagnosed the Economy

Wednesday, November 16, 2016 8:06
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Boy is that ever true.

Many people have only just now begun to get “above water” on their homes. Many still aren’t. Many people are still under employed. Many more people are working multiple jobs – people who once were solidly in the middle class with one job. Many people haven’t gotten back to anything like pre-Crash life. There is still a long way to go until this country is back to where it should be economically.

Clinton downplayed this economic uncertainty. Factor in Ms. Clinton’s massive and newfound riches and one can understand why western Pennsylvania went for Trump the way it did.

(From Real Clear Markets)

As a proposed successor to President Barack Obama, Hillary Clinton ran, more or less, a status quo campaign. In her view, the patient was pretty darn healthy. Such a conclusion missed glaring symptoms that something was desperately wrong.

For example, after the deep recession running from the end of 2007 to mid-2009, real annual economic growth during the subsequent recovery/expansion period has averaged a mere 2.1 percent. In contrast, growth has averaged 3.1 percent over the past six decades, and 4.3 percent during recovery/expansion periods. So, economic growth has been running at less than half the rate it should have been during the past seven-plus years.

However, Donald Trump – now President-elect Trump – saw that the patient was very ill. And while he threw about an assortment of possibilities of what might be wrong, he clearly was passionate about trade being a key negative – another misdiagnosis.

Click here for the article.


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