Obama Economic Policymaking, 1930s Style | National Review Online

The Institute of Supply Management issued a study warning that American manufacturing growth had come to a standstill in September, and the Labor Department’s latest employment figures, the worst jobs report of the year, tell the same story from another perspective: unemployment rate stagnant, wages stagnant, hours worked down, number of new jobs far below forecast, previous reports revised downward, labor-participation rate at 38-year low, with nearly 95 million eligible American workers sidelined.

That the Obama administration is foundering from an economic-policy point of view is not news. Barack Obama & Co. represent the very freshest and most imaginative thinking of the 1930s — stimulus, public works, monkeying with the minimum wage, political favoritism for union constituencies, the ancient superstition that simply putting money in somebody’s pocket makes the nation richer through the miraculous power of the economic multiplier, etc.

Source: Obama Economic Policymaking, 1930s Style | National Review Online

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