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On Mitt Romney's claim that uncertainty about government policy hobbles the recovery: Will Wilkinson: "The principal themes of Mitt Romney's speech here in Des Moines earlier this afternoon were that America's economy remains a wreck because Barack Obama's a rank amateur whose woeful inexperience, ignorance of the requirements of a robust economy, and faintly un-American taste for the public-policy fashions in Europe, has created a climate of economic uncertainty that has retarded recovery." One more time: uncertainty about government policy shows itself in: (a) businesses who say they are unusually worried about government regulation, (b) investors who are willing to pay unusually high prices for insurance against inflation, and (c) savers who demand unusually high rates of return before they will lend. We see none of these things right now--what we see is a simple shortage of aggregate demand.

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