The NYT is already referring the “legacy” of the recession, with this an example: “Even as evidence mounts that the Great Recession has finally released its chokehold on the American economy, experts worry that the recovery may be weak, stymied by consumers’ reluctance to spend.”
Source link: http://blog.mises.org/10550/if-we-dont-recover-its-your-fault/
If we don’t recover, it’s your fault
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Those poor ignorant folks! Now that we have a 100% consumer spending rate, we have infinite prosperity!
Maybe it ought to be against the law to
(a) fail to spend vigorously,
(b) encourage thrift in any way, and
(c) talk about how the economy isn’t doing well, or make any economic prediction that is less than 100% shiny and rosy.
After all, these are the despicable acts that are the root cause of economic downturns. Not the Fed. Never the Fed.
That way, everyone will wear pasted smiles on their cheery faces all the time as we spend spend spend with the state’s guns at our backs encouraging each of us to do his part.
The piper will have to be paid and the price is coming in the form of inflation and crushing taxes to pay for all of this insanity. When has monetizing debt, printing money as fast as the presses can run and spending at current levels ever worked? We will all pay the price for the failure of politicians and the public to learn from and apply historical lessons, some of which, we saw as recently as the 1970′s.
How can I spend when I’m near my credit max and have massive student loan debt (sadly I got into higher education before getting into the Mises Institute).
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