Peter Ferrara

Obama has already succeeded in fundamentally transforming America, from a prosperous nation that draws people the world over, voting with their feet, to a rapidly declining former superpower on the fast track to a third-world status similar to Argentina or Venezuela. That is effectively what is argued by the new book Debacle: Obama's War on Jobs and Growth and What We Can Do Now to Regain our Future, by leading taxpayer activist Grover Norquist and economist John Lott.

The Worst Economic Recovery Since the Great Depression

Central to the debacle Obama has created is that he has imposed on America the worst economic recovery since the Great Depression. Yes, the country was in recession when Obama was elected. But it was Obama's policies that turned it into the Great Recession and prevented the American economy from recovering -- just like his icon Franklin Roosevelt turned the 1929 stock market collapse into the Great Depression, and prevented America from recovering for more than a decade. As Norquist and Lott explain:

While this recession no doubt has been one of the worst since the Great Depression, the supposed recovery that followed it has clearly been the worst. Unemployment and job growth have been abysmal. As of October, 2011, the unemployment rate was stuck at least at 9.0 percent for 27 out of 29 months. Astoundingly, the unemployment rate during the 29 months of recovery averages three full percentage points higher than the average unemployment rate during the recession. There is no comparable recovery on record since the prolonged period of stagnation during the Great Depression in the 1930s. The Reagan recovery, starting in late 1982, hit a higher unemployment rate, but after the recovery started, it did not take more than nine months for the unemployment rate to dip below 9 percent.

This latest recession started in December, 2007. The National Bureau of Economic Research, the recognized timekeeper of when recessions start and end, declared this one over in June, 2009, which would make it the longest recession since the Great Depression 75 years ago. But the historical precedent in America is that the deeper the recession, the stronger the recovery. Based on that precedent, we should be in the third year of a raging economic recovery boom by now. But instead we have experienced no real recovery at all.

As Norquist and Lott explain the Obama non-recovery:

Peter Ferrara

Peter Ferrara is a senior fellow at the National Center for Policy Analysis and a Senior Fellow at the Heartland Institute.