The Worst Five Years Since World War II

In a new essay, my colleague, Tracy Miller, explains why our economy has turned in the worst five-year performance since World War II. Miller notes that:

The Obama administration has pursued several policies that make it harder for market forces to work. These include: bailouts, expansion of entitlement programs, regulation of the economy, tax increases, and huge government deficits.

These policies cumulatively result in capital consumption and curtailment of entrepreneurship. They reduce the incentive and ability of people to save and invest and hamper the price system, making it more difficult for entrepreneurs to do their job of allocating resources to their most highly value uses.