From James Taranto: “The failure of Obama’s policies to deliver strong growth and low unemployment in the first term surely is reason to be skeptical about the idea that more of the same is the solution. Steve Forbes makes the point in a column for the eponymous magazine:
Obama Democrats argue that the President only wants to restore the top rates that reigned during the Clinton presidency, which was a prosperous time. [Republicans] should say: Absolutely, let’s do it. But in order to achieve a Clinton economy, you also must enact the other Clinton policies critical to the prosperity of those years.
In the Clinton years, Forbes argues, federal regulations were less onerous, spending was less, and the dollar was stronger and stabler:
The Republicans should tell Mr. Obama that, if he’s truly serious about restoring Clinton-era prosperity, he has to combine Clinton tax rates with the former president’s wise management of the economy that encouraged free enterprise and a true recovery. If not, we will see a return to recession in 2013 and continue on our current path toward European-style malaise and stagnation.
We’re with Forbes, but the experience of the past four years also suggests Obama is about as likely to listen to that message as his preferred policies are to revive economic growth.”