A good piece, at New York Times:
The economic collapse of 2008 transformed American politics. In place of shared abundance, battles at every level of government now focus on picking the losers who will bear the costs of deficit reduction and austerity.Read it all.
Fights in Washington are over inflicting pain on antagonists either through spending cuts or tax increases, a struggle over who will get a smaller piece of a shrinking pie. This hostile climate stands in sharp contrast to the post-World-War II history of economic growth. Worse, current income and employment trends suggest that this is not a temporary shift.
I think that it is a temporary shift, and that prosperity will return once Obama and the Democrats are turned out of office.
ReplyDeleteWill the American people be smart enough to do that, however? That is the big question.