Friday, April 4, 2014

The Fruits of Bad Economic Policy

For all the huffing and puffing of the Obama Administration, the economic record grows increasingly dismal.  For five years, the Obama folks had said that economic liftoff was coming soon -- but it never came.  Instead an economy that used to bounce back from even the worst recessions (1981 comes to mind), now has entered a period of secular stagnation. 

Who loses?  Young folks looking for a job are probably the biggest losers.  Their futures are permanently blighted by the stranglehold that the Obama Administration has placed on job creation. 

The rich get richer, the bureaucracy flourishes, and those willing to spend their idle time bankrolled by food stamps and government welfare payments thrive.  But, traditional middle class American families, who ultimately finance the government largesse, increasingly find their hopes for a better life dashed by the predictable outcome of stifling government policy.

Today's employment number showed, once again, less than 200,000 monthly job creation.  These are pitiful numbers and they guarantee more pain for folks looking for employment.  But, these numbers are cheered by the bureaucracy.  They don't face layoffs or unemployment.  What do they care?  Jason Furman, Obama's head of his Council of Economic Advisors, thinks these are good numbers.  They probably are for Jason, whose future and whose job prospects are assured.

After all Bernanke and Yellen and Furman will not suffer in this economy.  Now will Obama or Buffett or Mark Warner.  These folks are on top of the stagecoach and even if the stagecoach has slowed to a crawl, they are not about to let anyone else climb aboard.

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