Someone comments: "Meanwhile, almost all we hear on the mainstream media is how great the economy is doing these days." He complains about hearing talk that we now have the "greatest economy in our lifetimes." About our current low unemployment he says sarcastically: "all those great, low-paying, no benefits, no pension, no security jobs."
Yesterday in a New York Times front page article there was talk that for many the American Dream is "now out of reach" and that the US is "increasingly a nation of renters."
Someone blames Obama:
Obama was elected to disrupt business as usual. He instead gave pretty speeches, wrote checks to the banks and big business, and blasted the left for expecting too much.
Former Fed chairman Ben Bernanke and former treasury secretaries Henry Paulson and Tim Geithner tell us in a recent NYT article that "Even if a financial crisis is now less likely, one will occur eventually. To contain the damage, the Treasury and financial regulators need adequate firefighting tools." In the Washington Post, Paul Samuelson writes that "The paradox of any financial crisis is that the policies necessary to stop it are always politically unpopular."
Recessions are historically proven to happen every 10 years or so, without fail. Yet our Government forges ahead as if the next one isn't coming. After it does come people will whine about how "they" should have done something.
Copyright © 2018 by Frank E. Smitha. All rights reserved.