They said it couldn’t be done. ‘They,’ in this case, are progressive economists, and ‘it’ is strong economic growth.
Where we were: Friday’s news that our economy is growing at its fastest rate since 2014 shows just how far we’ve come in a relatively short time. Remember that growth during the Obama administration was so slow for so long that it was called the ‘new normal.’ Progressive economists peddled the notion of ‘secular stagnation,’ that this was as good as things would get, and we should get used to it. Larry Summers described it as “a kind of long term and sustained slow-down in economic growth.”
Path of growth: We are putting those days behind us. Earlier this month, Speaker Ryan talked about how we’ve put our economy back on a path of healthy growth in a speech to The Economic Club of Washington, D.C.:
“We were drifting toward a low-wage, low-growth future. As growth slowed, an economist at Northwestern wrote a paper titled, ‘Is Economic Growth Over?’ That path—which many so-called experts were saying was the best we could hope to achieve—was leading us straight to stagnation . . .
“After years of stagnation, our economy is finally on the rise. By just about any economic measure, the American people are better off now.
“Remember how, not too long ago, we were being told to just get used to stagnation, get used to the new normal. Well, that narrative’s sell-by date has now come and gone.” Watch the speech.
After Friday’s report, this turnaround was hammered home in a Wall Street Journal op-ed:
“Throughout the Obama years, progressive economists said Americans had become too old, lazy and complacent to achieve the growth that was regular before 2009. But somehow American workers overcame all of these supposed weaknesses when Mr. Trump changed federal policy. The problem was not our people but our government. Stagnation is not fate but a political choice.”
Better off now: We’ve chosen to put America back on a path of growth, and the American people are better off now. Unemployment is down, wages are rising, confidence is returning, growth is back. Learn more at better.gop.