Economist Scott Grannis hits a home run in his blog, Calafia Beach Pundit in The natural forces of recovery, 3/28/12
This post is worthy in every sentence and is hard to excerpt. Please read it in its entirety.
Businesses have cut staff in order to reduce costs. Some have relocated or shut down. Some have sold assets for a loss, thus allowing another business to redeploy those assets in a new, more profitable venture. Some have created new products; some have figured out how to make their products better or more cheaply. Some entrepreneurs have taken a risk and started a new business. Some have paid down debt, others have taken on new debt. Some have increased hiring. Some have discovered new ways of finding and producing natural gas while risking their fortunes in the process.
Workers have relocated to find a new or better job elsewhere. Many have decided to work harder or longer hours. Many have tightened their belts and cut back on their expenses. Many have decided to start their own business, or to work part-time, or to accept a pay cut. Many have learned new skills, or taken a job in a different field.
Growth is not made in Washington. Growth happens in the heartland, and it is mainly driven by people who are trying to put food on the table and create a better life for themselves and their families. This is the force that has given us a recovery, and I believe it is an enduring force; it is the unique and dynamic nature of the U.S. economy that should never be underestimated.
Our minuscule recovery is not because of Washington’s efforts, but in spite of them. For Washington to take credit for this recovery is like the man handing a struggling swimmer an anchor and taking credit because, through the swimmer’s own effort, he has managed not to drown.