02/13/2018

The 2017-2018 Economic Recovery Mocks The ‘New Normal’

Peter J. Ferrara, Washington Times

Whatever happened to the New Normal? First, Obama Democrats told us that what looked like long-term stagnation under President Obama’s economic policies, with growth stuck at 2 percent on average for his whole eight years in office, was the New Normal that the American people were going to have to get used to, the best we could do now.

That was after the worst recession since the Great Depression, making 10 years of insignificant growth, even though the historical pattern is the worse the recession the stronger the recovery.

Republicans who argued that we could still do much better with 3 percent, even 4 percent growth were derided as out-of-touch, behind-the-times throwbacks.

But as soon as the economy started to peek out into the 3-4 percent range in 2017-18, we were told this was Mr. Obama’s recovery at last. As Steve Forbes suggested, this was like the fired coach of the last place team taking credit for the team’s sudden winning record under the new coach.

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In Search Of History

The Fed vs. the Middle Class

With interest rates flattened [by the Federal Reserve], government zeroes out the future. Abandoned were 80 percent of private defined-benefit pension plans. Public plans faced a similar evisceration in the future. With no acknowledgement, the U.S. government had casually dispossessed the American middle class of its retirement assets and pushed millions of Americans into acute dependency on government programs. ... Government dependency negated the American dream.

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FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.05%
    FreeMarket Central Shadow Stats: 21.5%
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    FreeMarket Central December Year-to-Year: 2.87% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]

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