As Ed Morrissey says:
The economic policies of the Obama administration have lengthened the recession and delayed what would be the normal recovery process, mainly by signaling to investors and businesses that costs will go up in taxes and energy prices, as well as burdensome mandates on health insurance. As a result, people are not investing their money into job-creating risk but are sheltering their cash instead.
Morrissey posts the following chart which shows employment figures by months after the start of recessions. He credits the Minneapolis Federal Reserve and King Banaian for the chart.
The production numbers look similar:
Morrissey offers additional commentary and concludes with a sensible solution:
The US needs a change in direction, and fast. Another Porkulus will give the illusion of action while deepening our debt and creating more need for higher taxes in the future. We have to make investment attractive, and the only way to do that is to cut taxes, pare back government programs, close the deficit through belt-tightening, and get Congress out of the private sector.
Me: Obama continues to subject America to a series of self-inflicted wounds. We don't need an outside enemy to destroy the United States as an economic power and a free society. Obama is succeeding by himself.