That's not in the cards for Obama's recovery for the remainder of this year, if Summers is right.
The economic policy differences in the two recessions couldn't be more defined. Reagan cut taxes across-the-board, and Obama is raising them, with significant taxes set to rise on Jan. 1, 2011. Other taxes are in the works to pay for Obama's entitlement programs, followed by a severe anti-business regulatory climate that calls for placing new controls and growth limits on the financial, investment and lending sectors, and punishing costs and mandates on health care, energy and manufacturing industries.
Independent economic analysts don't like what they see and say the future looks bleak. And it isn't just corporate America who will be hurt and held back by Obama's sweeping anti-growth, anti-business policies.
"Unemployment will hang above 8 or 9 percent well into 2011, and most workers will continue to face a tough job market and declining living standards," wrote economist Peter Morici at the University of Maryland School of Business.
"This recovery is decidedly anti-middle class," he said. "Wages will not keep up with rising prices."
Unlike the Reagan tax incentives and deregulatory policies that provided self-sustaining incentives for venture-capital risk-taking and economic expansion, Obama's short-term government spending "stimulus" is coming to an end and will soon disappear.
When the spending stops, so will the so-called stimulus, not unlike what happens in a Ponzi scheme.
"The strength and durability of this recovery remain in question, as the economy sails into strong headwinds over the next few quarters," chief economist Bart van Ark at The Conference Board, a business research group, told the Wall Street Journal.
That's why many businesses are expecting a slow recovery that will deliver sub-par, modest growth under policies that are meant to grow the government at the expense of the private economy.
When I first began writing about Obamanomics shortly after the 2008 elections, I couldn't find a single independent economist who could point to one example where government spending and public-works projects fueled a strong economic recovery. Not one.
But Obamanomics isn't based on any basic rules of economic growth. It's based entirely on a long-discredited Keynesian ideology of government pump priming.
It didn't work in the 1930s.
It didn't work in Japan's "lost decade" of the 1990s.
And it sure isn't working now under President Obama's retro-economic policies that seem more focused on punishing corporate America than rewarding increased investment, risk-taking, innovation and growth.
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