With a third slowdown in three years, maybe the problem is the policies?
Well, this week makes it official. The weakest economic recovery since World War II has become weaker still, sinking into a spring slowdown for the third year in a row. Are we finally ready to debate a change in the policies that have led to this pass?
On Thursday the government reported that growth in the first quarter was 1.9%, even weaker than the 2.2% initial estimate. Then Friday delivered the third slower jobs report in a row, which qualifies as a depressing trend. Employers created only 69,000 net new jobs in May, and April's total was revised down to 77,000 jobs. Stocks were crushed in the backwash.