Friday, February 3, 2012

The Little Engine That Could (Walter Russell Mead)

From Walter Russell Mead's Blog at The American Interest:

The Little Engine That Could

Could Paul Krugman possibly be wrong?  Could the US economy be actually recovering even though the Obama administration hasn’t taken Professor Krugman’s advice?

That is the heretical possibility suggested by the encouraging jobs news this morning; 243,000 new jobs and a further fall in the unemployment rate.

Other heretical thoughts: just possibly, the US economic model still works. In every recession there is talk of the failure of the “Anglo-Saxon” model and “cowboy capitalism.” In every serious recession, the world’s chattering classes amuse themselves by talking about the “challenge of state capitalism.”

Just possibly, recessions don’t last forever any more than booms do.

Many obstacles remain and the recovery is still vulnerable.  The world situation is grim.  There are long term problems and shifts still to be made.  But the US economy wants to grow again; that is this morning’s good news.

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