The End of the Growth Consensus

Both parties have forgotten the lessons of the 80s and 90s, when 44 million jobs were created. Technically, this recession ended two years ago--but Obama is killing us and investment with his redistribution and "fairness" plans. Bush was certainly no small government guy and was a big spender, but he makes Obama, who is building on his mistakes, look like a drunken Teddy Kennedy with a credit card with no limits.

Big government has proved to be a clumsy manager, and it did not stop with monetary and fiscal policy. Since President Obama took office, we've added on complex regulatory interventions in health care (the Patient Protection and Affordable Care Act) and finance (the Dodd-Frank Wall Street Reform and Consumer Protection Act). The unintended consequences of these laws are already raising health-care costs and deterring new investment and risk-taking.

Read the whole story here: John Taylor: The End of the Growth Consensus - WSJ.com