In accepting the nomination of his party last night, Obama proclaimed:
“I won’t pretend the path I’m offering is quick or easy. I never have. You didn’t elect me to tell you what you wanted to hear. You elected me to tell you the truth. And the truth is, it will take more than a few years for us to solve challenges that have built up over decades. It will require common effort, shared responsibility, and the kind of bold, persistent experimentation that Franklin Roosevelt pursued during the only crisis worse than this one.”
Just what we need, the persistent experimentation that Roosevelt pursued, and caused the Great Depression to last seven years longer than necessary.
That was the conclusion of economists Harold Cole and Lee Ohanian, writing in The Wall Street Journal in 2009.
They argue that the country was on the road to healthy recovery in 1933 and should have returned to normal by 1935, but have the damaging policies of the New Deal that suppressed competition, set prices and wages in many sectors well above normal.
The federal takeover of health care, energy, automaking and banking have had the same effect as the policies of Roosevelt, prolonging the recession and deepening the problem of joblessness.
Today it was announced that only 96,000 jobs were added this past month, well below the 150,000 needed to keep up with population growth. The unemployment rates ticked down from 8.3 percent to 8.1 percent because 368,000 people gave up looking for work. Obama’s path was just too rough for them.