This Author attended a family dinner last night, in which I had the occasion to tell one of my Nephews that I was proud of him for what he had accomplished in the third decade of his life. Two Cavets: I should have repeated the same to my Niece and her Husband, and second; while the Nephew posed some problems in his younger years, those problems probably were no worse than my own at that Age. Anyway, Frank, Polly, and husband Hasten, I am proud of you all!
I wish I could express that same pride in the Economists their Age. There remains too great an adherence to defective or lacking economic models and old ideology. The Spend, Spend, Spend formula of the Reagan era is finally being discounted, but probably only due to the Cheney/Rowe modification Spend, Spend, Spend, but only for Corporate Profits. The inheritance from the Great Depression, Free Trade, remains with Us with little modification by the Kids; who ignore the Protectionist methodology of both the WTO and the G8, and only rant about the low Consumer prices, again blind to the decay of American industry. Suckered by the 401k involvement, the Kids still insist the Economy works well, while real American economic advantage is lost by American Products by unreciprocated hidden foreign Protectionist policy. Everyone concentrates upon the Stock Markets, no one highlighting the genuine loss of real labor participation.
The National Debt stands as a golden rope provided by the World, in hopes We will hang Ourselves. The best composite 13 Years of economic performance ever enjoyed by any nation in the history of this Earth, and We cannot fund Our own Government. This the resultant of adherence to a Tax Policy archaic and injurious even in the time of Kennedy; it supplying only Business Profits and Inflation. The current Lobbyist-set Tax policy must be considered as the product of the economically-Insane. Almost All would proclaim this Author is too downbeat, but Who is going to fund the Deficits in coming Years, after Debt Service exceeds the Military Appropiation? lgl