Economic Update: Is It Really So Bad?
From the Economist:Of course, many American households struggle to survive on minimum-wage jobs with employers who do them few favours. We will look at low-paid work in a future week. What this piece attempts to argue is that the middle is far from being hollowed out. As Mr Easterbrook emphasises, most Americans have at least two cars and their own house, and they send their children to college. Certainly a bigger share of household income is being spent on things that did not feature 50 years ago, such as high-tech health care. But it has brought the benefit of a longer and better life, and not just for the old: since 1980, infant mortality has fallen by 45%.From Victor Davis Hanson's Private Papers:
At the end of last year, America's household wealth, at $44 trillion, passed the previous peak set in early 2000. With Americans wealthier than ever, why are many so anxious? Perhaps they think prosperity will vanish in a puff of terrorist smoke or a housing-market collapse. Perhaps, tentatively, the suburbs, in which half of Americans live, are to blame. For the suburbs fulfil the American dream, but at a price. On the one hand comes greatly increased space: the typical American dwelling now has two rooms per person, double Europe's level or America's half a century ago. On the other hand, expectations grow for every family member to have her own computer, DVD player—and another car. Pile on top of that an annual family holiday by plane, a bass-fishing boat (Americans spend $25 billion a year on boats and jet-skis) and regular meals out (Americans now spend nearly half their food dollars in restaurants). The American dream may cost less than it used to, but it still comes dear. And in a sated society, there is less and less new to look forward to.
In some of America's most impoverished landscapes, our government at great cost and in the hallowed traditions of American humanity and magnanimity is offering hourly excellent medical care to literally anyone who walks through the emergency room door, whether they have a broken arm or a sprained ankle. That is how it should be—but also how it should be acknowledged as well.
So we should perhaps remember that we are not heartless the next time some demagogue slurs the United States as an oppressive society that ignores its less fortunate. By any definition of classical poverty and neglect, the patients I sat with last week were neither terribly impoverished nor without care—nor worried in the least about how all the nurses, doctors, receptionists, and expensive machines and drugs that they took for granted would be at their service were going to be paid for.
Matt's Chat
Doesn't sound so bad to me...that Hanson story is especially a good read and addresses a number of interesting topics near and dear to my heart...Mark's Remarks
The unemployment rate is equal to Clinton's rate in 1996, and liberals were not outraged at the "humanity" of the economy then. We have more household wealth than at any other time in our history. Don't believe the liberal hatespeech and dogma, we are doing better. The Hanson piece is excellent, and sheds light on the truth vs. the dogma and lies of the left. You see, the only prosperity they see is through the prism of communism. In fact, my sources tell me the socialist parties in Europe are going to be meeting with Dimcraps from the Senate including Mrs. Clinton to discuss coordinating policy if their parties come to power after the most recent elections. Wow, so I guess John effin Kerry is not the only Dim who bows before the altars of international interests, and puts American interests on the backburner.
Socialism is not, and never was the answer. It promotes inefficiency, and it it is oppressive. However, the liberal elite refuses to let it die. In fact, they embrace it more and more, a system that has been defeated and is anathema to America. Don't give them the chance to implement it.
