Of the many tall tales spun by President Barack Obama during the State of the Union address this week, there is one -- and perhaps only one -- that most Americans believe to be true.
The old yarn goes something like this: A long time ago, the United States was an economic powerhouse. We built things with our hands and worked in factories, and we loved it.
Our recent prosperity, on the other hand, was built on a house of cards -- intellectual innovation, risk, freewheeling markets and international trade -- and was nothing more than an illusion.
"We can't afford another so-called economic 'expansion' like the one from the last decade -- what some call the 'lost decade,'" Obama explained. The president went on to promise he will do all he can to stop any pesky so-called "expansions" in the future. And I believe him.
A recent poll shows that Obama is not alone in his aversion to the 2000s. According to a Pew Research Center poll, more than 50 percent of Americans hold a negative view of the decade. Yet the 2000s, like previous decades, were, by nearly any measure -- be it health, standard of living, the environment or technology -- a success.
The average unemployment rate during this "lost decade" -- which included one of those unfortunate man-made disasters, to the country's financial center -- was 5.6 percent. One would think that the president -- a man who believes a "jobs" bill that only saw unemployment go from nearly 8 percent to more than 10 percent was a wild success -- would be sort of impressed.
No. Obama tells us a real economic expansion will be based on legitimate, tangible economic drivers, such as high-speed rail systems no one wants and government-subsidized "clean energy" nobody uses. (Trains and windmills? Could the ox-yoke-and-millstone sector be far behind?)
Which suckers are going to buy our solar panels? Free suckers, that's who. According to Freedom House -- a group that measures political rights and civil liberties around the world -- during the "lost decade," the percentage of the world's population living in freedom climbed from 35 percent to nearly 46 percent. Leading the way was China.
So whom did the president single out for populist scorn during his State of the Union speech? Not Iran. Not Saudi Arabia. Not Venezuela. That, I suspect, would be counterproductive and inflammatory. We're not haters. No, it was China, our second-leading trade partner.
Losing Jobs Over Ex-Im’s Expiration? Don’t Believe ItLosing Jobs Over Ex-Im’s Expiration? Don’t Believe It | Ed Feulner