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Today we learned the U.S. economy has continued its weak and uncertain recovery under President Obama. Real GDP grew at an annualized rate of 2 percent in the third quarter of 2012. Since exiting recession in 2009, President Obama’s policies have led to slower real growth every year:

• 2010 real growth was 2.4 percent
• 2011 real growth was 1.8 percent
• 2012 real growth in the first three quarters has been 2 percent, 1.3 percent, and 2 percent (average of 1.7 percent). The third quarter number could later be revised down, as the second quarter estimate was revised down significantly from 1.7 percent to 1.3 percent.

The entire U.S. economy has only grown by 7.2 percent in the 13 quarters since the end of the recession. In contrast, the policies of President Reagan’s recovery from the early 1980’s recession led to economic growth of 19.6 percent in the following 13 quarters. The difference is leadership:

• President Reagan pursued long-term policies the aim of which was to get government out of the way of private enterprise.
• President Obama has focused on short-term policies directed by government that tries to poke and prod the private economy this way and that, all while burdening job creators with onerous taxes and regulations.