Ed Driscoll

The Obama Economy's Rendezvous with Scarcity Continues

“Writing in the New York Times this weekend, economist, author, and blogger Tyler Cowen says that we might need to get used to the idea that the economy will continue to underperform our expectations,” Yahoo reports, as spotted by Ace of Spades:

Rush Limbaugh was just talking about this article, which had been published in the New York Times. His take was that as it had been excerpted at Yahoo News, Low Information Voters and Millennials (but I repeat myself) would actually see it when they came to Yahoo to read about “Jay-Z, Beyonce, and Jennifer Lopez and her butt.”

The economy might stink for a while.Writing in the New York Times this weekend, economist, author, and blogger Tyler Cowen says that we might need to get used to the idea that the economy will continue to underperform our expectations.

Cowen says that right now there are two core outlooks on the economy, both of which are inherently optimistic.

One says that things like low wage growth and low interest rates are phases that will pass, and the other is that we merely didn’t appreciate how long it would take to recover from the financial crisis.

But is it a foregone conclusion that things will just get back to “normal”?

In February of 2009, back when I was still doing my Silicon Graffiti videos, I produced a clip titled “Rendezvous with Scarcity,” in which I concluded, “Ronald Reagan began his political career as an FDR supporter. Beginning in the 1960s, he took to using FDR’s iconic ‘Rendezvous with Destiny’ phrase in many of his most important speeches. But these days, it’s looking like the next few years—maybe even a big chunk of the next decade—could very well be a rendezvous with scarcity.”

A couple of months prior, Time magazine described Obama as the next FDR. Curiously, they meant it as a compliment.