by Calculated Risk on 1/12/2009 12:28:00 AM
Monday, January 12, 2009
Zandi: The "Lost Economic Decade"
"It's sad to say, but we really went nowhere for almost ten years, after you extract the boost provided by the housing and mortgage boom. It's almost a lost economic decade."From the WaPo: Economy Made Few Gains in Bush Years
Mark Zandi, chief economist of Moody's Economy.com
President Bush has presided over the weakest eight-year span for the U.S. economy in decades, according to an analysis of key data ...We will probably see a slew of articles over the next ten days on the various failures of the Bush administration. I think the two worst economic mistakes were the Bush fiscal policies (creating a huge structural budget deficit) and the administration's ideological opposition to regulation and oversight that allowed the housing and credit bubbles to form.
The WaPo article outlines other failures.