Dana Milbank is trying to defend the current administration by attacking one of its foes, the Chamber of Commerce. The best he can do is very weak tea:
The point isn’t that the economy is booming because of President Obama’s policies. The recovery until now had been disappointing by any standard. But if the business lobby and conservatives in Congress aren’t going to give Obama any credit now that the recovery is underway, they might at least acknowledge that the sky didn’t fall because of his actions, and that the socialist takeover that many on the Hill warned of has not occurred.
We do need to thank the Republicans, as the voters did recently- see here for the extent and here for the explanation, for restricting the President’s actions. But more important is the impact of markets and human ingenuity. Markets helped North Koreans avoid starvation. Markets helped the US economy rebound despite the attempts of the administration to throttle them. The administration wanted to drive up the cost of energy as part of its drive to “green” energy. It restricted the use of coal, restricted the use of fracking, stopped the Keystone pipeline, and gave subsidies to Solyndra and others. Markets found private and state land for fracking. Markets found other ways, mostly trains, to transport energy. Many of the subsidized entities were unable to compete in the market.
Market supporters need to remember that markets are amazing. The administration has been able to delay the market driven economy but it has not yet been able to deny it. It will be an interesting two years (and a few days). The administration has made their goal clear: to command the economy. The Republicans have not yet made it clear to the extent they will be pro markets versus “pro business”. The reason “pro business” deserves scare quotes is that it is typically only possible to be pro certain businesses. For example, if you are pro US sugar growers then you are against importers and consumers.
Adam Smith said there is a great deal of ruin in a nation. We need to remind ourselves of Smith’s insight as the administration toils away while at the same time we need to recognize, see North Korea, that is can be done.