Recovery, and Recovery, and Recovery

…creeps in this petty pace.*  Here are some statistics, courtesy of Edward Lazear, writing for The Wall Street Journal.

  • In the three years [after the Great Depression of 1930-33], the economy rebounded with growth rates of 11%, 9%, and 13%, respectively.
  • The current recovery, beginning in 2009, has had growth rates of in 3% and 1.7% in 2010 and 2011, respectively.  The [2012] growth rate looks to be about 2%.
  • From post-WWII to the current recession (1947-2007), the US’ average annual growth rate was 3.4%.
  • Since the ’80s, we’ve had somewhat slower growth, but even here, the average growth rate was 3%.
  • During our current “recovery,” our economy has grown at 2.4%—below both that long-term trend, and the intermediate, nearby trend.
  • Today our economy is 12% smaller than it would have been had we matched our growth trend since 2007.
  • Today our economy is 4 per centage points further off trend line than it was 1Q09 when President Obama’s nearly trillion-dollar “stimulus” effort started.

Historically, the deeper the recession, the stronger the subsequent recovery.  The present “recovery” isn’t robust by any measure.  It’s not even catching up.

Whose policies have been in effect throughout this creeping, petty “recovery?”  Not those of Bush the Younger.

*With apologies to the Thane, Macbeth.

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