, ,

Today in Wisconsin, the President said:

So those were the things that we did through the Recovery Act.  Now, every economist who has looked at it has said that the recovery did its job.  It put a brake on the collapse of the economy.  We avoided a Great Depression.  We are now growing again.  The problem is, number one, it’s hard to argue sometimes, things would have been a lot worse.  Right?  So people kind of say, yeah, but unemployment is still at 9.6.  Yes, but it’s not 12 or 13, or 15.  People say, well, the stock market didn’t fully recover.  Yeah, but it’s recovered more than people expected last year. [emphasis added]

Today in the WSJ, Allan H. Meltzer, a Carnegie Mellon economics professor wrote:

The administration’s stimulus program has failed. Growth is slow and unemployment remains high. The president, his friends and advisers talk endlessly about the circumstances they inherited as a way of avoiding responsibility for the 18 months for which they are responsible.

Job claims remain high, the debt is the highest since WW2, and the DOW is a roller coaster. There is a lot of uncertainty in the market, and that will continue, and maybe lead to another dip.