The United States has built an economy based on global demand for advanced goods, consumer demand for frills, and ever-growing household and business debts. This economy was in many ways prosperous, and it provided jobs and incomes to many millions. Yet it was a house of cards, and COVID-19 has blown it down....Project Syndicate
The Illusion of a Rapid US Recovery
James K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin
5 comments:
Yet it was a house of cards, James K. Galbraith
Not really - unless one thinks the bogus debt the government-privileged usury cartel drove the population into is an insurmountable problem.
But that's Gold Standard thinking in nominal terms given inexpensive fiat.
And even in real terms, combining equal fiat distributions to all citizens with de-privileging the usury cartel could be done with no net increase in the money supply.
“ Yet it was a house of cards,”
Can’t any of these people do anything other than more figurative language...
Can’t you come up with anything other than wining about figurative language?
I sincerely hope we have a rapid recovery post Covid: mainly for the sake of the unemployed. But another important point is that I would then be able to derive IMENSE pleasure from watching hundreds of economists like Galbraith who have predicted YEARS of recession post Covid having to eat their words....:-)
Well ok he says people can’t pay their rent and look at McBride article above rent is the same as last year...
He say Unemployment has helped meanwhile the estimate is STILL $100b of UE claims have not been paid ...
Says UE is going to be over 10% meanwhile older workers are finally retiring and leaving workforce by millions ....
Says house values are stagnant meanwhile they are up 5% in April yoy...
I could go on....
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