More than two-thirds of those who responded (67 percent) said they believe it will take three years or more. The unscientific online survey was conducted between Dec. 21 and Dec. 27. About 15 percent said "never" and about 13 percent said two years. Only 5 percent believe it will happen in the next year.One reader opined that,
"The American economy will only recover once we realize that our economic problems reside in Washington and the state capitol. Mr. Obama and his supporters whether they be on Capitol Hill or the state legislature continue to cling desperately to the failed economic ideals of Keynes. Keynesian economics has never worked. When you looked at the failure of Keynesian economics along with the fact that Mr. Obama, his economic team, most of Congress along with many state legislators have never participated in western capitalism; i.e. owned a business, had to make a payroll, or produced anything of material value, it is obvious why the economy continues to remain in the tank."My comment is that, Robert B is exactly correct. Until Washington and the local state capital politicians get their collecctive heads out of their a$$es, then relatively high unemployment will continue to linger...possibly as long as a decade. BUT, if the new GOP majorities can roll back the both the size and regulatory scope of big government (at least back to "medium" government) then the recovery will pick up steam.
Keynesian economics is a failed model. It has never, ever worked in any instance that it has been tried. Herbert Hoover attempted it in 1930-32 and failed. FDR's attempts in 1934-5 extended by the Great Depression by at least 7 more years. Mr. Obama's (and Reid/Pelosi's) attempt at Porkulus last year was devastating to the economy. Until we relent the chokehold government now has on buisness...this will continue to linger.