Wednesday, September 5, 2012
The Romney Boom with Lawrence Solomon
I want you to understand one harsh reality. In the four years of the Obama presidency, economic growth has been almost neutral. This is after thirty straight years of effective 4% growth under all previous administrations. It is about to be followed by strong above average growth over the next four years. It is a nasty picture that every Democrat will have to defend for decades. From now on, the only electable democratic presidential contender will be those with proven economic track records.
Both Democrats and Republicans suffer from what I like to call Big Government Disease or BGD. Often there is little to differentiate between the two as common sense usually rules. Unfortunately. Obama has stepped out a couple of times and must now defend his record against common sense. The real campaign is now underway, and the Republicans will rightly hold his feet to the economic fire. He cannot win.
There is in fact little excuse for Obama's abject economic failures and shortcomings except his own profound economic ignorance. He was the wrong man at the wrong time. Regrettably, John McCain was almost as weak so we lack a plausible might have been also. Instead we got to hold our fire for four long painful years while everybody learned a nasty lesson in why you do not allow brokers to gamble with depositor’s money. Many other things need to be fixed, but that always was important.
We are now 14 years past the structural change that was made under Clinton at the behest of the top handful of banks, all of which have either disappeared or been massively bailed out. Perhaps it is time to ensure we do not have a repeat.
Lawrence Solomon: The Romney boom