On October 15, the second episode of Hoover’s chartcast series The Numbers Game was released. Hoover fellows John Taylor and Russell Roberts discuss possible explanations for the sluggish recovery from the current recession, which began in 2007. By historical standards, the current recovery has been disappointing. Is it the ongoing slump in construction employment, the effect of housing prices on saving and spending decisions by households, or the aftereffects of the financial crisis? Taylor rejects this reasoning and argues instead that the sluggish recovery can be explained by poor economic policy decisions made by the Bush and the Obama administrations.
The current release builds on the first episode, which also addresses the recalcitrant economic recovery. Taylor explains that GDP has not returned to trend, that the percent of the population that is working is flat rather than rising, and that growth rates are below their usual levels after such a deep slump.
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