Remember when owebama touted he would have an historic presidency? Well, he does. He is responsible for the "worst economic recovery in history". This will be his legacy.
The lesson here is that Obama has learned no lesson from what Edward Lazear of the Hoover Institution has called the “worst economic recovery in history”—that is, the Obama recovery. The economy has grown at a rate of 2.4 percent since the recession ended in June 2009, a full percentage point below average long-term growth. But the president is sticking with his plan for a government-led economic boom. This is Obamanomics: If it doesn’t work, then double down.
Obama once told a group of investors that the private sector didn’t need incentives to invest because his administration’s massive subsidies of green technology would lead the way. Now the mention of “green jobs” has become a laugh line. The main news from the green sector is another company bankrolled by Obama going belly-up.
In The Escape Artists: How Obama’s Team Fumbled the Recovery, Noam Scheiber describes the president’s “obsession” with green jobs. Eco-nomic adviser Christina Romer “would march in with an estimate of the jobs all the investments in clean energy would produce; week after week, Obama would send her back to check the numbers. ‘I don’t get it,’ he’d say. ‘We make these large-scale investments in infrastructure. What do you mean there are no jobs?’ But the numbers rarely budged.”