Former U.S. Senator, Phil Gramm, wrote an article recently, part of which was published in the WSJ.wsj.com. Sen Gramm was a numbers guy, astute at examining financial data, understanding taxes, banking law(s), and macroeconomics. He served as head of the Senate Banking Committee and was instrumental in passing significant laws signed by presidents. Two bear his name in part: Gramm -Rudman, and Gramm-Leach-Bliley Act,1999. Now he is a visiting scholar at the American Enterprise Institute.
He took the time to set the record straight on where to place the blame for the current state of the 'recovery' from the " The Great Recession": the White House. Harsh criticism was heaped on President Obama whose policies, he claims, have stifled recovery nad that they will prolong the recovery for another 6 years. Here are some of his words:
" In postwar America, it took on average just 2 1/2 years to regain in each succeeding recovery all of the real per capita income that had been lost in the previous recession. At the current rate of the Obama recovery, it will take six more years, 14 in all, for the average American just to earn back what he lost in the last recession. Mr. Obama's policies in banking, health care, power generation, the Internet and so much else have Europeanized America and America exceptionalism has waned-- sadly proving that collectivism does not work any better in America than it has ever worked anywhere else."
Harsh words directed at a sitting president from a former U.S. senator of some repute.
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