, Columnist
Short-Term Stimulus Won’t Help U.S. in Long Run: Glenn Hubbard
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Joblessness and sluggish growth are hampering the economic recovery and Barack Obama’s political standing. Raising taxes on the rich, as the president , isn’t going to turn things around.
To get a sense of how severe the situation is, consider this: Bringing the unemployment rate back to pre-financial-crisis levels by end of the president’s second term (or his opponent’s first term) would require real Gross Domestic Product growth of 4 percent a year over that period -- a rate we have not reached in more than a decade.