"Partisanship meets reality"
By: Ryan Jaroncyk, THL Contributor
In a quick strike blog at The National Review, highly esteemed historian and columnist, Victor Davis Hanson, taunts critics while comparing the "jobless recovery" of 2004-2006 to the current "jobless recovery."
Hanson's thesis, buried in sarcasm, can be paraphrased as follows: The Republican economic recovery of 2004-2006 is superior to the Democratic economic recovery of today. It's no secret that Hanson was a staunch supporter of the Bush administration and is often a harsh critic of the Obama administration and Democratic-led Congress. However, in this blog, he appears to allow partisanship to cloud his sense of objectivity.
From Hanson's perspective, the recovery of the Bush years is quite attractive compared to the present "recovery." Superficially, the hard data would appear to support Hanson's claim, but upon closer examination, he seems to completely misunderstand the cause of the 2008-2009 collapse.
Those in power continued to stretch the U.S. Dollar. The American consumer was borrowing and spending its way into unsustainable debt to fuel the stock market rise. China, Japan, and other foreign nations were enabling our debt-driven boom by lending us trillions.
Both "jobless recovery" economies are built on foundations of sand. In fact, the "jobless recovery" of 2009 is a direct result of the "jobless recovery" bubble economy of 2004-2006. The two are inextricably linked.
Sadly, the current Democratic administration and Democrat-led Congress seem hell-bent on returning us to the bubble economy of past years. Haven't we learned our lesson?