Recent figures on unemployment and home prices show a stalled recovery, with real possibilities of new reverses. Barack Obama can’t run the sort of “Happy Days are Here Again” economy that would have guaranteed his re-election. Instead, his apologists say “Without Obama, the recession would have been even worse.”
In response, Republicans should insist that “Without Obama, the recovery would have better.” Since World War II, America has endured a dozen recessions, each one followed by a quick recovery. Each one of those previous experiences – especially those with severe economic downturns – produced rapid and substantive rebounds. In the three years following the Reagan recession of the early ’80s, our economy averaged 7% annual growth. Most recently, we’re at 1.8%.
Yes, Obama’s leadership has produced extraordinary results –producing the slowest, most anemic recovery of modern times.