Martin Feldstein in the WSJ writing about the current state of the economy.  He’s not a fan of Obama’s economic policies and makes some good arguments against the necessity or appropriateness of several of them.  In the end, the piece is a little more political that I’d hoped.  But it’s worth the read.  Especially for nuggets like this:

“The drop in GDP growth to just 1.8% in the first quarter of 2011, from 3.1% in the final quarter of last year, understates the extent of the decline. Two-thirds of that 1.8% went into business inventories rather than sales to consumers or other final buyers. This means that final sales growth was at an annual rate of just 0.6% and the actual quarterly increase was just 0.15%—dangerously close to no rise at all.”

Enjoy.