The Spectacle Blog

How Obama and Allies Blew the Economy

By on 6.2.11 | 1:28PM

As the economy slows down again, I explain at CFIF why it's largely the fault of Obama and the big-government Left. This excerpt gives a sense of it, although I do urge you to read the whole think via the link above.

This is what happens when government becomes too big, too intrusive, too debt-ridden and too unpredictable. Almost every root of the current economic distress - the longest post-WWII recession on record - stretches down to rotten government policy. The reasoned compassion of Jack Kemp's promotion of home ownership was shifted by the Clinton Administration into forced lending practices. Fannie Mae and Freddie Mac, while paying exorbitant salaries and bonuses to Clinton cronies, ran amuck. Lending standards were eviscerated at government's behest. Meanwhile, the government got financial regulation exactly backwards.... Tax policy also is a mess, with U.S. corporate income taxes the highest in the entire developed world. No wonder so many jobs are outsourced. ....

There's lots more there. In fact, I hope it serves as a handy, one-stop-shopping compendium, in just 800 words, of all the major reasons our economy got into today's mess. Again, read it here.

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