Obama promised us more than 1.7% growth four years ago

The Administration and its acolytes claim that the nature of the 2008 financial collapse was different from past recessions, and that it can take up to a decade to restore growth after such a financial crisis. …

In reality, the biggest difference between this recovery and others hasn’t been the nature of the crisis, but the nature of the policy prescriptions. Mr. Obama’s chief anti-recession idea was a near trillion-dollar leap of faith in the Keynesian “multiplier” effect of government spending. It was the same approach that didn’t work in the 1930s, didn’t work in the 1970s, didn’t work in 2008, and didn’t work in such other nations as Japan. It didn’t work again in 2009. …

Ronald Reagan also inherited an economy loaded with problems. The stock market had been flat for 12 years, inflation rates neared 14%, and mortgage rates almost 20%. The recession he endured in 1981-82 to cure inflation sent unemployment to 10.8%, higher than Mr. Obama’s peak of 10%. But the business and jobs recovery by early 1983 was rapid and lasted seven years. …

Mr. Obama is running for re-election trying to convince Americans that an economy limping at less than 2% growth, 8% unemployment, real incomes down 5.7% since the recovery began, and deficits of more than $1 trillion is the best we could achieve. We liked it better when he stood for hope and change.