Prof. Boskin is "living in a fantasy land."

President Obama has rightly remarked that anyone who thinks the economy isn't doing well is "living in a fantasy land."  I agree.  We are living in a fantasy land.

Michael Boskin, the economics professor who changed the inflation calculation for social security so that it would rise less than actual inflation, that during the reign of the male Clinton, writes the following in an op-ed in today's Wall Street Journal:

"Mr. Obama will likely go down as having the worst economic-growth record of any president since the trough of the Great Depression in 1933—over eight decades spanning 13 administrations. Mr. Obama thus far has overseen 1.7% average annual economic growth, and the Blue Chip forecast for the remainder of 2016 is only slightly higher."

Given that capital spending is expected to contract in real terms in 2016, the immediate future does not look much different from the recent past. Nonetheless, I may choose to fantasize about a better outlook. (But I certainly wouldn't put money on it.)