Bernanke notices that productivity growth is "disappointing".
Bernanke said that an important factor holding back the economy was "disappointing" productivity growth. "The reasons for weak productivity growth are not entirely clear," he said."Not entirely clear". If he looked closer, I bet he could notice that actual economic growth is "disappointing" as well.
He said it may be the result of the severity of the financial crisis that tightened credit conditions, inhibiting innovation, or may reflect longer-term trends unrelated to the recession. "Obviously, the resolution of the productivity puzzle will be important in shaping our expectations for longer-term growth."
The BO administration has showered the US economy with all the quack economic nostrums available to man, and then thrown in a few actions guaranteed to slow the economy (higher taxes), and doggone it! The damned patient just won't do what we want it to! Human kind is PROVEN to be warming the entire planet (avoid going outside, you will freeze), CERTAINLY we can manage our own economies to be guaranteed to grow!
Hubris is the core fault, the rest just grows from there. Humans have a constant illusion of control, and when that illusion is allowed to mess with something as complicated as the US economy, the results are always bad. Higher taxes never help. Not doing things like the Keystone, and slowing development of oil resources helps keep fuel prices artificially high is a general drain on the economy (as well as hobbling a major specific industry that could provide both productivity and growth!).
Forcing through a massive partisan, poorly designed and poorly implemented health law to very uncertainly nationalize 1/7 of the economy unsurprisingly has a dampening effect on the entire economy! The fact that changes are regularly illegally decreed directly by BO with no congressional involvement is enough in itself to tell the smart money to go elsewhere but the US.
Maybe worst of all, the extension of "childhood" for US young to 26-30 by government. A HUGE amount of the truly innovative new ideas, as well as just as importantly the willingness and even blindness to the likelihood of failure, coupled with the very real opportunity to get massively rich on start up companies (see Microsoft, Apple, Cisco, Nike) has severely crippled the primary engine of productivity and growth generation through innovation in this country.
I could go on forever, but the big summary is essentially the "end of American Exceptionalism". It is NFL playoff time. People WANT to believe that "their team" is exceptional!!! Guess what, one of them will be in the end, and to a lesser degree, all those that did make the playoffs are more exceptional than those that didn't!
The "Vision of BO" is that America is just another big bureaucratic entity, similar to any country in Europe, but a little behind the times ... we need to trim off more of our aggression, have a better safety net, make sure any remaining nasty capitalists are heavily taxed and muzzled so they don't criticize the benevolent government (overturn Citizens United), generally level out out population by punishing the top and rewarding the bottom. Most of all, we need to insure that our people are more docile -- get rid of the "extreme right", and the "extreme Christians" (thankfully, often a lot of overlap here).
Once we have achieved a nice bland, non-aggressive, less competitive, pluralistic (for all but Christians and Conservatives), and most of all, economically level nation, nirvana will have been reached! (oh yes, gotta get their guns as well!)
Yes, and if one compares that to what used to be America, the innovation and growth of any sort are going to be highly "disappointing".
'via Blog this'