Counting on Its Wanting
Paul Krugman's latest blog post, under the headline, "Do we need the middle class" went down my gullet like some very bad food. In the post, he writes
"Kevin Drum writes
that
One way or another, there's really no way for the
economy to grow strongly and consistently unless middle-class consumers spend
more, and they can't spend more unless they make more.
"This is a widely held view, and I'm as much in favor of a strong middle
class as anyone. Nonetheless, I'd say that in terms of strict economics it's
wrong. There's no obvious reason why consumer demand can't be sustained by the
spending of the upper class -- $200 dinners and luxury hotels create jobs, the
same way that fast food dinners and Motel 6s do. In fact, the prosperity of
You can have an "economy", sure, but what sort of economy is it? It is the same type of economy we have now; one that Paul Krugman might compare to the economy of many a third-world nation. It is the economy of the oligarch, a sort of modern day return to the medieval world in which you have the royalty sitting at the top of the pyramid--the misnamed "upper class"--and everyone else, fending for survival below. It is an economy, all right, but a rather brutal Hobbsian place in which to live and grow. It is not a place, in fact, in which the "pursuit of happiness" plays a large part. Most of the people in such a nation are not pursuing happiness, they are pursuing survival, which is a very different thing indeed.
As we await the arrival of Obama in Washington, most of society is hoping it is his and his teams' intention to change the society we now live in into something more like the society we lived in before the Republicans managed to turn what we thought was a free and equal society into a medievalesque oligarchy in which approximately one percent of the people managed to garner 95 percent of the wealth of the nation into their own greedy hands and everyone else was supposed to be grateful and as happy as tithed serfs on the overlord's manor. It is a strange world the Republicans have managed to construct and keep most of the people of the nation in, all the while saying this way of life is as natural as the changing of the seasons, so what's to complain about?
What's to complain about? Well, let's
not go there. We know what is
wrong. We know those with power--in
There is a lot to change, and the country I was born into, while it no
longer looks like a nation in which all men are actually created equal, can
become that nation again if it chooses to, and if the leadership waiting in the
wings wants it to. I am counting on its
wanting. I am also counting on Paul
Krugman to help us get there, realizing that everything he says does not have
to agree with my gullet, especially if it helps me remember what I want or, in
this case, don't want.









"Republicans managed to turn what we thought was a free and equal society into a medievalesque oligarchy in which approximately one percent of the people managed to garner 95 percent of the wealth of the nation into their own greedy hands and everyone else was supposed to be grateful and as happy as tithed serfs on the overlord's manor."
This is so true.
I enjoyed Professor Wray's take on this issue yesterday and the day before and the AP per Time have a synopsis of Obama's plan that looks a lot like what the Professor was advocating.
Cement is infrastructure. Bridges, roads, school buildings,etc.
Medical internet is infrastructure. Transferring medical files at the speed of light.
The electric grid is infrastructure.
Fixing the infrastructure we have and creating 21st century infrastructure will put people to work, money in the peoples' pockets, work orders for suppliers who will need more employees, etc.
December 18, 2008 1:20 PM | Reply | Permalink