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January 5, 2015

Did Gridlock Stimulate the Economy?

David Harsanyi: “The Obama Boom is finally here. Gross domestic product grew by a healthy 5 percent in the third quarter, the strongest growth we’ve seen since 2003. Consumer spending looks as if it’s going to be strong in 2015. Unemployment numbers have looked good. Buying power is up. And the stock market closed at 18,000 for the first time ever. All good things. So what happened? … [I]f activist policies really have as big an impact on our economic fortunes as Washington operatives claim, I only have one question: What policy did Barack Obama enact to initiate this astonishing turnaround? We should definitely replicate it. Because those who’ve been paying attention these past few years may have noticed that the predominant agenda of Washington has been to do nothing. It was only when the tinkering and superfluous stimulus spending wound down that fortunes began to turn around. So it’s perplexing how the same pundits who cautioned us about gridlock’s traumatizing effects now ignore its existence. … As I remember it, the administration hasn’t done anything in a long time. I know this because an incalculable number of op-eds have informed me that the president has had to contend with militant ideologues and has been unable to implement his agenda. I know this because I’ve had to listen to years of hand-wringing about politicians’ inaction. You can’t have it both ways.”

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