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Originally Posted by Slingin Sammy 33
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Hmm...okay, you got me. Find me another one, besides Reagan's boy Meltzer. It just seems non-sensical to me for somone of Meltzer's stature to declare with absolute authority that President Obama's policies have failed after just 18 months in office. And to compare Reagan's first 18 months to Obama's is being completely dishonest and ignoring what each president inherited. We just climbed out of the worst post war recession in history, due to in no small part the success of TARP ( which included baling out Detroit, which worked) and the stimulus program.
With all due respect for Ronald Reagan but there is more and more data to suggest that trickle down economics, on the whole, failed.
But since Meltzer penned this wonderful non-partisan Op for WSJ, the econoomy logged it's biggest Q4 GDP growth in years, Obama extended the Bush tax cuts for another two years, and the president has issued an executive order for a federal review of regulations that may be too onerous on big business, I just don't know how you could conclude anything an absolute failure or success in the first 18 months of a presidency.
But the main culprit behind why companies aren't hiring is because, well, they aren't hiring. They're hoarding trillions of dollars in cash, as you know. And the bottom line is companies are doing more with less these days. Corporate profits are strong, the DOW has crossed 12,000, and the outlook for economic expanision in 2011 is more upbeat.
I'm betting if Meltzer was writing that article right now, his tone would be much different.