Forward Into The Fake Past

Why Obamanomics is a path to a false past:

Obamanomics is a bridge to the past. A backward movement rather than a forward one. Obama has directly dismissed Washington’s pro-market shift – including deregulation and lower marginal tax rates – of the past generation as an economic error that produced greater inequality but not much else.
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Obamanomics is a bridge to the past, but a fantasy past where high taxes rates, widespread unionization, and a heavily regulated economy produced “shared prosperity” in the 1950s and 1960s. Former Bain Capital exec Ed Conard, however, dispelled the myth in his book Unintended Consequences:

The United States was prosperous for a unique set of reasons that are impossible to duplicate today, including a decade-long depression, the destruction of the rest of the world’s infrastructure, a failure of potential foreign competitors to educate their people, and a highly restricted supply of labor. For the sake of mankind, let’s hope those conditions aren’t repeated. It seems to me anyone who makes comparisons between today’s economy and that of the 1950s and 1960s without fully disclosing their differences is deceiving their readers.

Obamanomics is stuck in the 1970s as Obama and Biden today talk up public television, high-speed rail, and Keynesian economic tinkering.

Those who only remember the past the way they want to, are doomed to repeat that it...