The Obama recovery bears an uncanny resemblance to a recession. That’s the New York Times‘s take:
Less than a month before November elections, the United States is mired in a grim New Normal that could last for years. . . Call it recession or recovery, for tens of millions of Americans, there’s little difference.
Born of a record financial collapse, this recession has been more severe than any since the Great Depression and has left an enormous oversupply of houses and office buildings and crippling debt. The decision last week by leading mortgage lenders to freeze foreclosures, and calls for a national moratorium, could cast a long shadow of uncertainty over banks and the housing market. Put simply, the national economy has fallen so far that it could take years to climb back.
Or put differently, Obama’s economic policies have been entirely ineffective in addressing historically high unemployment and underemployment. The Times notes:
At the current rate of job creation, the nation would need nine more years to recapture the jobs lost during the recession. And that doesn’t even account for five million or six million jobs needed in that time to keep pace with an expanding population. Even top Obama officials concede the unemployment rate could climb higher still.
But Obama insists on a massive tax increase on the “rich” and a bevy of new regulations and mandates on employers. Certainly, nine more years of Obama-like policies aren’t going to bring unemployment down. As the Times examines the dreary economic conditions across the country, one is struck by the disconnect between the White House’s rhetoric and the economic predicament faced by Americans, as well as the equally vast disconnect between the administration’s anti-growth, anti-business policies and the economic challenges these people are facing.
In this economic climate, Obama’s hyper-partisan, desperate rhetoric seems particularly jarring. He’s talking about phony foreign donors to the Chamber of Commerce; in suburban Arizona, “subdivisions sit in the desert, some half-built and some dreamy wisps, like the emerald green putting green sitting amid acres of scrub and cacti. Signs offer discounts, distress sales and rent with the first and second month free. Discounts do not help if your income is cut in half.” Obama rails at Wall Street; in Cherry Hill, New Jersey, meanwhile, “home prices have fallen by 16 percent since 2006, and houses now take twice as long to sell as they did five years ago. That’s enough to inflict pain on homeowners who need to sell because of a job loss or drop in income. Some are being forced to get rid of their houses in short sales, asking less than they owe on a mortgage. As of last week, 10 percent of all listings in this well-tended suburb were being offered as short sales.” Obama is obsessed with George Bush and Citizens United; in Atlanta, “small banks are a particular disaster, 43 having gone under in Georgia since 2008. (Federal regulators closed 129 nationally this year, up from 25 last year.) Real estate was the beginning, the middle and the end of the troubles.”
No wonder Obama’s ratings are diving. He is talking about things that bear no relation to voters’ concerns. He insists his policies have worked, but voters’ own experiences tell them otherwise. Obama’s rhetoric against a growing list of political adversaries only reinforces the impression that he is focused on the wrong things. The analogy is not Jimmy Carter. It is Herbert Hoover by way of Richard Nixon.