It is time to stop quivering in our boots in pointless fear of the future and just roll up our sleeves and build it.
- Ray Pierrehumbert

Sunday, July 12, 2009

Robert Reich Gets It

Now we are getting somewhere. 

I guess economists don't count Robert Reich as serious, but political scientists, I think, do. So maybe the light is starting to dawn in Punditia.

My prediction, then? Not a V, not a U. But an X. This economy can't get back on track because the track we were on for years -- featuring flat or declining median wages, mounting consumer debt, and widening insecurity, not to mention increasing carbon in the atmosphere -- simply cannot be sustained.

The X marks a brand new track -- a new economy. What will it look like? Nobody knows. All we know is the current economy can't "recover" because it can't go back to where it was before the crash. So instead of asking when the recovery will start, we should be asking when and how the new economy will begin. More on this to come.

1 comment:

Dano said...

A slow descent hard or a soft landing? He doesn't give his opinion. The slope of the descent is one thing.