Obamanomics: A Report Card

UPDATED 11/08/13

I begin with this dismal picture of GDP crawling along at bottom edge of the 99-percent confidence interval around the long-term trend:

Real GDP 1947q1-2013q3Source for this and the following charts: Bureau of Economic Analysis, Current Dollar and “Real” Gross Domestic Product, November 7, 2013.

Here is a closer look at the state of affairs since World War II. Note the steady decline in the rate of growth — a decline that has been exacerbated by Obamanomics:

Year-over-year changes in real GDP, 1948-2013

It should not surprise you to learn that we are in the midst of the weakest recovery of all post-war recoveries:

Annualized rate of real growth_bottom of recession to onset of next recession

Nor should you be surprised by the stickiness of unemployment, when it is measured correctly. The real unemployment rate is now 6.1 percentage points above the nominal rate. For details, see “The Obama Effect: Disguised Unemployment.”

The sad but simple explanation for all of the bad economic news: Employers and employees remain discouraged because Europeanism has arrived in America: Punish the producers, reward the non-producers, and stagnate.

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Related posts:
The Laffer Curve, “Fiscal Responsibility,” and Economic Growth
The Causes of Economic Growth
In the Long Run We Are All Poorer
A Short Course in Economics
Addendum to a Short Course in Economics
The Price of Government
The Price of Government Redux
The Mega-Depression
As Goes Greece
Ricardian Equivalence Reconsidered
The Real Burden of Government
The Illusion of Prosperity and Stability
Taxing the Rich
More about Taxing the Rich
A Keynesian Fantasy Land
The Keynesian Fallacy and Regime Uncertainty
Why the “Stimulus” Failed to Stimulate
The “Jobs Speech” That Obama Should Have Given
Say’s Law, Government, and Unemployment
Unemployment and Economic Growth
Regime Uncertainty and the Great Recession
Regulation as Wishful Thinking
The Real Multiplier
The Commandeered Economy
Stocks for the Long Run?
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Stocks for the Long Run? (Part II)
In Defense of the 1%
Bonds for the Long Run?
The Real Multiplier (II)
Lay My (Regulatory) Burden Down
The Burden of Government
Economic Growth Since World War II
The Economy Slogs Along
The Obama Effect: Disguised Unemployment
The Stock Market as a Leading Indicator of GDP
Government in Macroeconomic Perspective
Where We Are, Economically
Keynesianism: Upside-Down Economics in the Collectivist Cause
The Economic Outlook in Brief
The Price of Government, Once More
Economic Horror Stories: The Great “Demancipation” and Economic Stagnation
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Vulgar Keynesianism and Capitalism
Estimating the Rahn Curve: Or, How Government Spending Inhibits Economic Growth
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