The ‘new normal’ excuse: Just an economy that used to grow?

Posted by on Aug 20, 2012 at 8:03 am

Even a talker as talented as President Obama can’t do the impossible: Persuade Americans that the three-year-old economic “recovery” is anything other than pathetic.

Growth is sinking back toward the recession red zone and unemployment’s firmly stuck at over 8 percent for 42 straight months.

It’s no wonder a new Gallup poll finds 75 percent of us “dissatisfied” with the direction of the country. Or that a CNN survey finds that twice as many Americans (39 percent) think the economy is still mired in recession than think it recovering (19 percent).

So Obama isn’t even trying to make the “Morning in America” case for his re-election. He now concedes that “the economy isn’t where it needs to be” and that “we have a lot more work to do.” But he’s quick to add that the Not-So-Great Recovery isn’t his fault, saying: “Throughout history, it has typically taken countries up to 10 years to recover from financial crises of this magnitude.”

Obama, you see, is a believer in the “New Normal,” a phrase popularized on Wall Street, where gloomy economists cite the slow growth, high unemployment and high debt that supposedly afflict countries after severe banking crises.

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