Economic Growth Is Not a Mystery, Yet It Eludes Democrats

PETER FERRARA: Economic Growth Is Not a Mystery, Yet It Eludes Democrats.

Obama fundamentally transformed America by following the opposite of every Reagan pro-growth policy:

Raised the top tax rate of every major U.S. tax, except the corporate rate, which was already the highest in the developed world;
Imposed draconian regulation on health care, finance and most importantly energy, just when America was emerging with the resources for energy independence to lead the world in production of oil, natural gas and coal;
Raised federal spending, deficits and debt to highest in American history by far;
Supported the Fed in wildly destabilizing monetary policy, with near zero interest rates for nearly a decade, and a flood of money held back by the Fed for now, which only further discouraged global investment in America.

This is why the economy never recovered from the 2008-09 financial crisis, and why instead we got the worst economic recovery from a Recession since the Great Depression, with only 2 percent economic growth. America’s historical record is that the worse the recession is the stronger the recovery, as the economy grows faster than normal for a couple of years to catch up to where it should be on the long-term trendline. That is why we should have come out of the financial crisis in a long-term economic boom, potentially stronger than even Reagan’s.
But to this day, eight years later, that still has not yet happened. Instead, we are still $2 to $3 trillion below where we should be.
This is why Democrats lost the 2016 election. Trump promised to restore Reagan’s pro-growth policies. Hillary promised more of the same Obama failure.
Democrats have yet to catch up with the rest of the world in realizing that socialism does not work. That Bernie Sanders’ throwback silliness continues to spread throughout the Democratic Party is costing it big time.
The difference between 4 percent real growth and 2 percent after 50 years is the difference between America and Third World stagnation.

They’ll turn us all into beggars ’cause they’re easier to please.

43 by Stephen Green

https://pjmedia.com/instapundit/278809/