“We are,” Michael A. Walsh, looking at the dismal state of the U.S. economy writes in the New York Post, “witnessing the total failure of academic Keynesian economics, with its heavy emphasis on high taxes and exorbitant government spending.” (Via Instapundit.) As Michael Barone reminds us, it’s not just government spending that’s dragging the economy down:
. . . the Obama Democrats piled further burdens on would-be employers in the private sector. Obamacare and the Dodd-Frank financial regulation bill are scheduled to be followed by thousands of regulations that will impose impossible-to-estimate costs on the economy.
That seems to have led to a hiring freeze. . . . [W]hile the number of layoffs is now vastly less than in the first half of 2009, the number of new hires has not increased appreciably. Many more people have been unemployed for longer periods than in previous recessions, and many more have stopped looking for work altogether.
It’s hard to avoid the conclusion that the threat of tax increases and increased regulatory burdens have produced something in the nature of a hiring strike.
With the departure of his economic team, the president would do well to tap some people familiar with the burdens of federal regulations, you know, guys who have worked in the private sector.