Friday, April 4, 2014

Wisconsin Denial Watch

Badger economist Menzie Chinn ('I went to the same high school as George Stigler, and he won a Nobel Prize') is proud to be a defender of the Obamaconomy;
If you say September 1945 through 1946 was a boom, well, you’d better be willing to say 2009M06 ownard was a “boom”.
According to the NBER, the unemployment rate in 1946 was 3.9%. During the three year economic boom immediately after the drastic slashing of government spending when WWII ended in September 1945, that rate dropped to 3.4% by 1948.

There was a recession in 1949, and the rate of unemployment took a sharp upward jag, to 5.5%. From Menzie's preferred date, 2009M06 ownard,  we still haven't gotten below 6.7%.

The Obama Boom!

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