15 June 2023

Short rant on the economy

Countering the negative "vibe" message that seems to be everywhere right now. We are not in a recession. The economy does have serious structural problems, most caused by, I'll say it, lack of any kind of industrial or forward looking public investment policy, and excessively low taxes and poor tax enforcement on the very rich and certain large corporate entities and banks. I don't get why people are surprised that the Fed has decided not to raise interest rates yet again. Earth to doomsayers: we are currently in historically normal inflation and historically low unemployment. We have a long way to go to make this economy work for everyone, but deliberately distorting the truth to make it sound like we're in Trump's "terminal decline" just plays into their hands. The economy needs a shot in the arm from public investment, not cutting back on spending, and for heaven's sake, not by cutting taxes. Although reducing bloated military spending should certainly be on the agenda. 

The truth is that North America is resource rich, we have the world's reserve currency, and we are not overpopulated or otherwise challenged any more than the rest of the world by the environmental crisis. So we should be rolling up our sleeves, uniting around the job that needs doing, and put aside all the idiocy and polarization. Right now, regardless of whether you tend towards liberal, social democratic, or conservative politics, that means electing Democrats at all levels to begin the process of ridding our country from the scourge of Fascism, aka Trumpism. 

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