The magical economic policies of Obama the Magnificent have served only to delay and slow recovery.

By Peter Ferrara at American Spectator

Similarly, in his speech in Pittsburgh last week, Barack Obama said:

It has now been a little over 16 months since I took office amid one of the worst economic storms in our history. And to navigate that storm, my administration was forced to take some dramatic and unpopular steps. These steps have succeeded in breaking the freefall. We’re again moving in the right direction. An economy that was shrinking at an alarming rate when I became President has now been growing for three consecutive quarters.

Consider exactly what Obama is implying in these words. When he came into office, the economy was in “freefall,” “shrinking at an alarming rate.” It was only because of the “dramatic and unpopular steps” he took that this was stopped, and reversed. Otherwise, without Obama’s miracle Grecian formula elixir, the economy would have continued in freefall, all the way back to the stone age.

This claim is in perfect parallel to the claim by Twain’s Connecticut Yankee that he was blocking out the sun during that solar eclipse on June 21, 528, wowing the Dark Ages yahoos. The economy was never going to remain in freefall absent Obama’s miracle cure innovation of trillion dollar deficits. For centuries now, we have experienced the business cycle in market economies, where the economy goes down, and then recovers. We just don’t remember that anymore because Reaganomics was so successful that it banished the business cycle effectively for a record 25 years, with only 2 short, shallow downturns during that time. Even the official scorekeepers at the National Bureau of Economic Research (NBER) have suggested that the period be considered one continuous, unparalleled expansion.

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