When a poorly built levy breaks, everyone blames the flood.
Just in time for Thanksgiving, here’s a broad review of economic performance under Trump, with comparisons to the Obama years.
Government borrowing is good until it isn’t. It is a valuable, wise investment in our future, until it isn’t. So far we’ve piled up our peacetime national debt to wartime levels with few visible consequences. We’ve begun to foolishly imagine that no consequences will come. Rest assured, deficits don’t matter until one day they do.
Today’s greatest defenders of “capitalism” are icons of inherited mediocrity whose wealth would be swept away by ten minutes of exposure to a free market.
The Great China Trade War will play out just like the North Korea nuclear negotiations and the re-naming of NAFTA, just another trademark Trump fraud, paid for by his supporters.
Now that the government at the center of the “Free World” has been bought off by a corrupt global kleptocrats, who is standing up for liberal democratic values? Corporations, of course. Get used to it, because this is the strange new shape of liberal democracy.
Their announcement highlighted the pointlessness of Trump’s tariffs, but Harley may not be telling the whole story.
We are trapped in a push-pull between low unemployment with low pay and higher wages with disappearing jobs. That dynamic will remain as long we retain our cultural and economic dependence on mass employment.
Here’s how this program would actually work, once it’s been ground into political sausage.
So far, we’ve seen none of the secondary shocks (like the collapse of Lehman Brothers) that convert a “correction” into a “crash.” However, as this band of nitwits continues to exercise power, the more pointless damage we’ll incur. Every system has its limits. We are exploring ours.