Historian Robert Higgs argues that one key reason why we remain in the economic doldrums is “regime uncertainty” — that is, uncertainty as to future laws and taxes. Uncertainty impedes investment, which has been lagging well behind the recovery that has historically followed recessions.
The uncertainty is more in the nature of “how bad will things get?” rather than “will things be good or bad?” As Higgs observes, “personnel is policy” and the Obama regime has been staffed entirely with people who are fundamentally hostile to private enterprise.
