The Phaserl


Dueling Economic Banjos Offer No Deliverance

by Brandon Smith, Alt-Market:

Americans have been listening to the mainstream financial media’s song and dance for around four years now. Every year, the song tells a comforting tale of good ol’ fashioned down home economic recovery with biscuits and gravy. And, every year, more people are left to wonder where this fantastic smorgasbord turnaround is taking place? Two blocks down? The next city over? Or perhaps only the neighborhoods surrounding the offices of CNN, MSNBC, and FOX? Certainly, it’s not spreading like wildfire in our own neck of the woods…

Many in the general public are at the very least asking “where is the root of the recovery?” However, what they should really be asking is “where is the trigger for collapse?” Since 2007/2008, I and many other independent economic analysts have outlined numerous possible fiscal weaknesses and warning signs that could bring disaster if allowed to fully develop. What we find to our dismay here in 2012, however, is not one or two of these triggers coming to fruition, but nearly EVERY SINGLE conceivable Achilles’ heel within the foundation of our system raw and ready to snap at a moment’s notice.

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1 comment to Dueling Economic Banjos Offer No Deliverance

  • rich

    Growth of Income Inequality Is Worse Under Obama than Bush

    Yup, under Bush, the 1% captured a disproportionate share of the
    income gains from the Bush boom of 2002-2007. They got 65 cents of
    every dollar created in that boom, up 20 cents from when Clinton was
    President. Under Obama, the 1% got 93 cents of every dollar created
    in that boom. That’s not only more than under Bush, up 28 cents. In
    the transition from Bush to Obama, inequality got worse, faster, than
    under the transition from Clinton to Bush. Obama accelerated the
    growth of inequality.

    The data set is excellent, it’s from the IRS and it’s extremely
    detailed. This yawing gap of inequality isn’t an accident, and it’s
    not just because of Republicans. It’s a set of policy choices, as
    Saez makes clear in his paper.

    Looking further ahead, based on the US historical record, falls in
    income concentration due to economic downturns are temporary unless
    drastic regulation and tax policy changes are implemented and prevent
    income concentration from bouncing back. Such policy changes took
    place after the Great Depression during the New Deal and permanently
    reduced income concentration until the 1970s.

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