Sounds about right to me...

Not sure about the original points he was trying to make since there is an element of uncertainty in the whole sausage making process of regulations and pork barreling but... (Forbes):

For the time being, we’re in a vicious cycle. Consumers won’t step up their spending until unemployment eases, which won’t happen until consumers step up their spending enough to make it profitable for companies to hire additional employees.

Over the long run, though, the economy will perform better and unemployment will be lower if we reduce the drag of taxes and regulations that can’t be justified by tangible benefits. That’s the story business leaders should make if they want to help themselves and allow Adam Smith’s Invisible Hand to help the country

The fact that the BBC is reporting that the US has been overtaken by Sweden, Switzerland and Singapore in the World Economic Forum competitiveness survey should only underscore this point.