ON-Lion Letter
By historical standards, the current recovery from the recession that began in 2007 has been disappointing.  In a recent, three-part, online-video series from the Hoover Institution at Stanford University, "The Numbers Game with Russ Roberts," Bradley Prize recipient John B. Taylor discusses the recovery.

In Part 1, Taylor quantifies how unusual this recovery is by historical standards.  In Part 2, he looks at a number of standard explanations for the sluggish recovery.

And in Part 3, Taylor argues that the slow pace of the recovery is due to poor policy decisions made by both Presidents George W. Bush and Barack Obama that have increased the amount of uncertainty facing investors, consumers, and employers -- including the rising debt forecast, the fiscal cliff, expiring tax provisions, and quantitative easing.  Taylor argues that the uncertainty surrounding these policies in the future, along with increased regulation, have held back the recovery.

Taylor is the Mary and Robert Raymond Professor of Economics at Stanford and Hoover's George P. Shultz Senior Fellow in Economics.  He also chairs Hoover's Working Group on Economic Policy, which is substantially supported by The Lynde and Harry Bradley Foundation in Milwaukee.
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