When considering what the dismal economic facts and realities of today mean for liberal economic policies and liberal thinking in general, one criticism I have encountered is a lack of consideration of the economic context in which those policies were enacted. Certainly, consideration of context is important for good public policy.
In this case, it turns out that if you take that context into account, it doesn’t change the basic conclusion: Liberal economic policies are depriving low- and middle-income families of job opportunities that the economy should otherwise be producing.
A recently published editorial on the website of Investor’s Business Daily provided economic context for the liberal federal economic policies of today by looking at how the current economic recovery compares with previous recoveries. In other words, setting aside the recession, which the policies of the current federal administration had nothing to do with, how does the economic recovery of the last three years – all of which have occurred under the current administration – compare with what we should expect, based on past recoveries? The answer: terrible. Read more