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Atlas Is Sorta Shrugging – Victor Davis Hanson


“They Did It!”

The president just concluded a frenzied “jobs” bus tour to explain why unemployment is at 9.1% — after borrowing nearly $5 trillion in stimulus the last three years. You know the usual suspects responsible for our, not his, malaise: George Bush did it; the Republican obstructionists in the Congress who were wary of approving another $2 trillion in debt did it; the Tea Party did it; Standard and Poor’s did it; the Japanese earthquake did it; the Japanese tsunami and nuclear accidents did it; the Middle East unrest did it; the European debt crisis did it; new technology like ATM machines did it. Obama has cited these culprits and many more — though never either himself or his advisors who took a weak recovery and turned it into a near recession.

Where Are They Now?

Unofficial and sometimes presidential economic advisor Paul Krugman is increasingly petulant, blaming too little borrowing for the dismal 9.1% unemployment rate, some two years after the recession that began in December 2007 “officially” ended in June 2009. (Note the Zeno-like paradox of too much never being quite enough.) Remember the presidential advisors – Austan Goolsbee, Peter Orszag, Christina Romer, Larry Summers – who, in the euphoria of the hope and change election sweep of November 2008, advocated a World War II-like new level of federal indebtedness. They are now quietly back on Wall Street, back to their tenured academic perches, or considering departure. They remain either mum or in op-eds visibly confused about why a strong recovery did not follow a strong recession in the manner of all other post-war ups and downs.

So there seems to be genuine confusion — and fear — on the part of leftist economic advisors that the capitalist engine that fuels their redistributive government for some unknown reason is not running on all cylinders and thus cannot quite continue to make the money that even capitalism’s critics count on for support. It reminds me of the please, please letters alumni receive when annual giving to their almae matres is down, and the left-wing president’s mega-salary and the center for gender studies are possibly imperiled.

Read More at Pajamas Media.

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