FUNDAMENTALLY TRANSFORMED: Obamanomics: R.I.P.

The previously bullish Fed finally and openly acknowledged that sluggish growth is the long term new normal for America. Secular stagnation is here to stay. The growth rate has limped out of the 2008-09 recession at a 2 percent pace now for seven years. The Joint Economic Committee of Congress tells us a normal recovery gives us about 3.5 percent growth and the Reagan and JFK booms were closer to 4 percent. So the GDP today thanks to President Obama is about $2 to $3 trillion smaller than it should be. This is roughly the equivalent of losing the entire annual output of every business and worker in Michigan, Ohio and Indiana combined.

R.I.P.? But Hillary Clinton’s just-revealed plan is for more of the same.