The New York Times made it official. The Economy is a problem!
So, now, at last we can discuss it.
Not just discuss it, in rapid order “recession” became the word of the day, from White House, Congress, the Fed and the media.
It’s blamed, mostly, on the subprime crisis.
But that’s not the problem. It’s a symptom. It is the logical, and probably one of the necessary results, of Bushenomics.
Along with low, or no, job growth. Little or no business growth. Depressed wages. And the crashing dollar. (The president has a different vision of the economy. In his vision it’s booming! And the number of jobs is growing! Though there is this little blip.)
The idea under which Bushenomics was sold is this:
- The rich are the investor class.
- If the rich have more money, they will invest more.
- Their investments will create more business.
- Those businesses will create more wealth, thus improving everyone’s lives and making the nation stronger. They will also create new and better jobs.
Whether or not the people who say such things truly believe them, I cannot say. But that’s their pitch, and the media certainly seems to buy it, as do most of the establishment economists.