It seems to me that explanations for the continuing recession are such that it’s no longer appropriate to blame the causes of the initial downturn, much less the U.S. administration in power at the time:
Companies learned during the recession to do more with less, and with uncertainties about consumer spending, the broader economy and government policies, many businesses are holding the line on employment, even as they pour hefty sums into new machinery, equipment and software. …
Bill Cheney, chief economist at John Hancock Financial in Boston, says that he is still hopeful that hiring will pick up as sales increase and existing workers are pushed to the hilt. But if they don’t, he says, companies’ reluctance to hire could end up hurting them and undermining the recovery.
“Profits are great, but all that could change if the job engine continues to sputter,” he said. “Business capital spending helps, but consumer spending matters more.” And without jobs, he said, people will pull back.
Apart from the politics, it’s reasonable to suggest that individuals and organizations have come to the conclusion that they’d gotten in the habit of overextending themselves and are correcting that behavior, and it’s a precarious prescription to suggest that they oughtn’t be more fiscally responsible. But a case could be made that in propping up the economy with money borrowed from the future — that is, creating demand without the corresponding increase in wealth among consumers — the current government has given companies the wherewithal to step back and invest in productivity improvements that don’t create jobs, but rather ensure that they will return less rapidly.