Slow Economic Recovery: Professor Barro Has It Right

In his piece in the Wall Street Journal yesterday, Harvard Professor Robert Barro details why this economic recovery is so different from previous ones.  After the failed economic stimulus and a continued slow recovery, we are hearing from some politicians that the previous recession was worse then realized, as a justification of why the recovery is so dismal.  To this point, Professor Barro makes one interesting factual point — historically speaking, the bigger the bust, the bigger the boom.  If, in fact, the recession was worse than thought, then we should be seeing an even faster rebound, as GDP moves back to its trend.  But, this is NOT happening.  His piece is a great read and details a number of thoughts on how to get the US economy back on tract, including tax reform, ending wasteful government spending and reducing regulatory burdens.  This piece by Professor Barro should be a recommended reading for all policymakers.