Editor's notes: in the Wall Street Journal article referenced below, Allan Meltzer discusses the failings of Obamanomics. He zero's in on two reasons for the claimed failure of Obama's economic 'plans" but not before beginning with a contrast to Reagan. Meltzer deals with a wide range of economic considerations in this article, all part of economic forces that have not been dealt with in this Administration and work against nearly all of his claims for success. We are approaching the two year mark of Administration and the third year of the recession. Only Obama and Biden see recovery in progress that includes the private sector.

What is most damning within the Obama brain trust, in our opinion, is the almost universal disdain felt for private business, corporate profits, and nearly anything that is non-government centered -- whether that be the Tea Party influence, the conservative GOP, the 10th Amendment or opposition to increased taxation. One thing nearly all of his advisors share in common is a collectivist appreciation for governmental "intervention." Virtually none of his inner circle has ever worked in the private sector and Obama, himself , has never so much as managed a donut shop and that is becoming painfully obvious. Coffee anyone, while we read this excellent opinion piece ? --- jds

By ALLAN H. MELTZER

The administration's stimulus program has failed. Growth is slow and unemployment remains high. The president, his friends and advisers talk endlessly about the circumstances they inherited as a way of avoiding responsibility for the 18 months for which they are responsible.

But they want new stimulus measures—which is convincing evidence that they too recognize that the earlier measures failed. And so the U.S. was odd-man out at the G-20 meeting over the weekend, continuing to call for more government spending in the face of European resistance.

The contrast with President Reagan's antirecession and pro-growth measures in 1981 is striking. Reagan reduced marginal and corporate tax rates and slowed the growth of nondefense spending. Recovery began about a year later. After 18 months, the economy grew more than 9% and it continued to expand above trend rates. . . . . . . READ MORE >>>>>