After 8 years of aggressive policy moves by both the Bush and Obama administrations, little has fundamentally changed in the economic life of the average American. We are no longer looking at a collapse of the banking system, but underemployment, wage stagnation, a crushing debt load and frustration with increased regulation – particularly wage and hour regulation (see the new DOL rules around the FLSA and the drive for a $15 per hour minimum wage among others) – have left us with an economy stuck in neutral.
Ronald Rotunda’s article “What the Last Eight Years of Federal Government Intervention in the National Economy Has Wrought” is worth a read. Not to spoil the fun – but after looking at a number of data points, he concludes that : “The new Congress and president, when they assume office in 2017, may decide to pursue the government intervention we have witnessed over the last eight years. If so, it will be the triumph of hope over experience.”
I tend to agree,