The "good old days" aren't coming back--
Why Obama Can’t Bring Back the 90s Economic Boom: "Analysis by Ethan Pollack at the liberal Economic Policy Institute forecasts that public investment will decline over the next four years. These investments initially surged under Obama because of the 2009 stimulus and currently represent 2.3 percent of GDP, but discretionary spending was trimmed last year in the Budget Control Act to reduce the deficit. According to the Obama budget proposal—which is more generous than the GOP alternative—they’ll slide beneath the Clinton-era average of 1.7 percent around 2016. And because the stimulus supported the fragile economy for the past three years, Pollack expects that “the wind-down in investment as a share of GDP will drag at growth rates.” Given the historically low interest rates on U.S. Treasurys and the relatively high 7.9 percent unemployment rate, it makes sense to many economists to continue deficit expenditures to help the economy—an option that’s no longer prominent in policy discussions between the White House and congressional leaders. Interest rates were not only higher in 1993, but unemployment was slightly lower when the deficit trimming began under Clinton. Read more at http://www.thefiscaltimes.com/Articles/2012/12/06/Why-Obama-Cant-Bring-Back-the-90s-Economic-Boom.aspx#QUMAjbr4SesQvEbu.99
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Thursday, December 13, 2012
The 90s Economic Boom Is Not Coming Back
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