- Feb 10, 2005
- Reaction score
- Montgomery, Al
Krugman is just like some on here. You prove him wrong and he still argues stupidly. :roll:
The U.S. economy (by official statistics) is not growing with the rate of increase in the population, which means that we are slipping further and further. The NYT quotes many people to the effect that this is both shocking and disastrous. This has to be one of the greatest failures ever for Keynesian stimulus policies. It would be interesting to compare this failure with the New Deal itself.
One can’t but reflect on the four years of government/media/establishment promises – backed by ghastly actions – that recovery is right around the corner. This rhetoric probably helped forestall the pace of liquidation and hence delay recovery more. The latest news will probably set the liquidation in motion at a faster rate as factories, homeowners, banks, and many other institutions finally throw in the towel and realize that their inventories, assets, and balance sheets need to reflect reality. And those young people who have put off taking the low-paying job in hopes of finding that high-paying job they were promised will similarly make new adjustments.