What the right keeps missing about the recovery

James Pethokoukis: What the right keeps missing about the recovery

The center-right community continues to make two big mistakes when thinking and talking about the US economy.

First, too much negativity and pessimism. Yes, this is an historical weak recovery when measured by GDP or jobs. But a pair of economic reports out today offer optimism. Unexpectedly low weekly initial jobless claims means the monthly average has fallen its lowest level since early June 2007. Monthly payrolls gains should accelerate. …

..  Second, too much blame on Obamanomics. Again, little doubt tax hikes, poorly designed stimulus, and sweeping regulatory efforts like Obamacare have been terribly anti-growth. You also have the opportunity cost from not following pro-growth policies such as cutting corporate taxes and reforming entitlements.

But that’s not the whole story. Pew Research notes that at 42 months and counting, the current job recovery is slowest since Truman was president. But as the above chart shows, the previous two recessions also had long jobless recoveries: …

… We can do better than easy answers and reflexive gloominess.