Author: Michael J. Boskin

STANFORD, California – The American economy faced two major economic crises within a short span – the 2008-09 financial crisis and the subsequent struggles in recovery. The recession that followed saw unemployment rates soaring to 10%, causing a sluggish recovery despite efforts put in place by U.S. President Barack Obama’s administration. The Federal Reserve responded by reducing interest rates to almost zero and implementing unconventional measures like quantitative easing. However, stimulus packages, including the American Recovery and Reinvestment Act of 2009, fell short in delivering desired results, primarily benefiting select groups. Programs like Cash for Clunkers, aimed at boosting new…