What's In A Name
Apparently, economists and such other observers of the world financial markets are are now debating whether or not the US is currently in a recession. According to Wikipedia, the “official” definition of the term is when a country’s gross domestic product declines for two quarters in a row, but the National Bureau of Economic Research “defines a recession more ambiguously as ‘a significant decline in economic activity spread across the economy, lasting more than a few months.’” By that gauge, it would seem to me that we are in one and have been for a while. I mean Superintendent Chalmers on the Simpsons can say that he’s “balding” for only so long; at some point, the chrome dome means what it means, no “ing” permitted.
Honestly, I could care less whether the economy is officially in recession because any way you look at it, times are getting rougher for the average citizen, no matter what we call the thing that walks and quacks like a duck before us. Mostly, I think it’s funny or sad or maybe ingenuous for pundits and policy-makers to be debating semantics when the ship is already sinking: “Was that an iceberg we hit, Captain? Or just some ice?” Doesn’t really matter, does it, when the hull is breached and waters rushing wildly in?
The Bush administration’s proposed solution is to give people tax rebates of something like $500 to $1000 dollars. That I don’t get at all. Most people (myself included) will probably take the money and go buy some mass-produced gadget from China; how that helps the US economy is unclear to me.
Why not take the $150 billion dollars and invest it instead in some sort of public works projects—bridges, roads, libraries? That way, not only is our public infrastructure improved, but jobs are created, as well. Perhaps, though, the concern is that since many of those jobs would go to undocumented workers, this wouldn’t stimulate the US economy, either.
Honestly, I could care less whether the economy is officially in recession because any way you look at it, times are getting rougher for the average citizen, no matter what we call the thing that walks and quacks like a duck before us. Mostly, I think it’s funny or sad or maybe ingenuous for pundits and policy-makers to be debating semantics when the ship is already sinking: “Was that an iceberg we hit, Captain? Or just some ice?” Doesn’t really matter, does it, when the hull is breached and waters rushing wildly in?
The Bush administration’s proposed solution is to give people tax rebates of something like $500 to $1000 dollars. That I don’t get at all. Most people (myself included) will probably take the money and go buy some mass-produced gadget from China; how that helps the US economy is unclear to me.
Why not take the $150 billion dollars and invest it instead in some sort of public works projects—bridges, roads, libraries? That way, not only is our public infrastructure improved, but jobs are created, as well. Perhaps, though, the concern is that since many of those jobs would go to undocumented workers, this wouldn’t stimulate the US economy, either.
posted by Professor Dave at 1:40 PM
1 Comments:
I think you are right those that do not buy chinese imports will bring credit card bills down or catch up with payments, I agree with you it has gone to far before anyone including the mass media started admitting it, I also agree with putting into public works unsure of what but there are quite a few that need money.
The worst part is the US is not the only country facing this France, Germany and England all have problems with recession without the US sneezing and when the US sneezes the world catches a cold and with other countries problems it might not be a cold but outright pneumonia ( Not Recession more like a depression )
I must admit sometimes it is good not to be a politician of any hue , because whoever ends up with this mess had better be quite clever and special to steer America through and out the other side
PS I liked some of your other posts as well
steve
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