The American economy isn’t recovering, and won’t any time soon, either. Obama gives this sober assessment on “global rebalancing,” but perhaps doesn’t quite realize that he’s reversing himself on what kind of growth we had prior to his election:

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Remember when Obama used to sneer at the years of economic growth under the Bush administration? Well, apparently we’re not going to get back to even those levels, which Obama dismissed during his presidential campaign. And he’s entirely correct, as long as he continues to pursue the economic policies he’s used for the last fifteen months. That’s not a surprise to anyone who’s paid attention to this administration, except that Obama has finally gotten around to admitting it.

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