Thursday, February 5, 2009

As a Person Thinketh

I am a fan of Robert Reich.
I am a fan of George Will.
I am a fan of Peggy Noonan.
I don't necessarily agree with everything each person listed above says, but I admire each person's ability to think. And I especially admire each person's ability to challenge my thought process and force me to think on a different level.
This is an important distinction as I present one of the better Reich pieces, which was published on Salon.com http://www.salon.com/opinion/feature/2009/02/03/after_the_stimulus/index.html
Reich very astutely identifies and discusses the difference between structuralists and cyclists when it comes to the United States economy (or any economy, for that matter). And this supports my argument all along that no single United States president can make or break an economy.
All of you partisans out there, calm down. It's true. There is too much built into the making of an economy. Politicians will argue to advance their own positions, but Reich contends that the underlying fundamentals of the United States economy are what has put it in its current position.
And it goes back to the 1970s.
Read that again. It goes back to the 1970s.
I can't stand it when people try to blame one administration, so I was especially happy to see an economist I really respect put it in writing. Things do not happen in a vacuum.
Reich says, "...median U.S. incomes began to stall. Because wages got hit then by the double-whammy of global competition and new technologies, the typical American family was able to maintain its living standard only if women went into the workforce in larger numbers, and later, only if everyone worked longer hours. When even these coping mechanisms were exhausted, families went into debt -- a strategy that was viable as long as home values continued to rise."
Read Reich's piece. It's very well done.

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