America's painful experience of regulatory overreach is still ahead. When the subprime-related recession ended in mid-2009, economists were predicting a strong recovery. In early 2010, the Office of Management and Budget forecast average real GROSS domestic product growth of 3.7 per cent in 2016, the Congressional Budget Office estimated 3.3 per cent in the same period and the Federal Reserve forecast 3.5 to 4 per cent growth through 2014. In fact, during the recovery from 2010 to 2016, GDP growth fell to 2.1%, the lowest in 80 years.