How The Recovery Went Wrong

President Obama, in speech after speech, proudly makes the following point: Although we inherited the worst recession since the Great Depression, we have generated net new jobs every month, and while we need to do more, we are going in the right direction.

Of course, recoveries always go in the right direction—that is, things get better over time. But merely going in the right direction is an incredibly low performance standard. Moreover, since deep recessions are generally followed by more robust recoveries, this should have been one of the strongest recoveries ever.

So what went wrong? Harvey Golub - Wall Street Journal - Click To Read More...

Mr. Golub, a former chairman and CEO of American Express, is the chairman of Miller Buckfire and serves on the executive committee of the American Enterprise Institute.