This Guy, As Usual
"Over the past few weeks, there has been a remarkable change of position
among the deficit scolds who have dominated economic policy debate for
more than three years. It’s as if someone sent out a memo saying that
the Chicken Little act, with its repeated warnings of a U.S. debt crisis
that keeps not happening, has outlived its usefulness. Suddenly, the
argument has changed: It’s not about the crisis next month; it’s about
the long run, about not cheating our children. The deficit, we’re told,
is really a moral issue.
There’s just one problem: The new argument is as bad as the old one"Just go and read it. It's no wonder that the Obama administration, devoted to the interests of Wall Street as they seem to be, won't let him anywhere near a position where he could take any action.
Comments
My right wing friends are constantly talking about the collapse of the Roman Empire and the ultimate failure of Greek democracy and they blame the government largesse. I have noticed that we are not living in 400 AD or 300 BC. It seems to me that the problems of 21st century are different than those of the past. Specifically, I think a major problem right now is that production is far less labor intensive than in the past. Robert Theobald recognized this problem over 30 years ago, but nobody seems to want to come up with a solution to this problem. What do you think?
Curiously, I have already begun to write a post about this very topic. I'll try to finish it off and put it up over the weekend.