On Tuesday, the Organization for Economic Cooperation and Development put out a report saying the U.S. has become a threat to global recovery. The OECD ratcheted down growth estimates almost everywhere for the rest of this year. For the euro-zone nations: -0.4%; for “emerging” India it’s down to 3%; South Korea: 2.7%.
As to the U.S., the OECD says growth for the rest of the year will fall back to 1.7%. That is about the average rate of U.S. economic growth for the entire Obama presidency. …
A normal post-recession growth rate of at least 4% would have made it possible for Mr. Obama and his progressive allies to chase virtually any pie-in-the-sky policy they wanted. Instead, the U.S. has fallen far off its normal 3.3% growth rate.
A U.S. president, faced with such devastating labor-market problems and persistently weak growth, should do anything—anything—that will give the American workplace more lift. Instead, he’s willing to entertain just one idea: more federal spending.