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May 29, 2009

Today's Housing Bubble Post - Recovery Myth

-- by Dave Johnson

Go read James Boyce: The Recovery Myth: Caveat America and take a look at the chart.

While you're at it, look at this chart as well.

I think we need to go through a period of disappointment for the "always goes up" crowd before they realize that this isn't a pendulum swinging, a natural part of the cycle, a temporary setback, etc. We went through fundamental changes in the economy in the early 1980s, and since then household debt has been increasing, wages have been stagnant, and predatory capitalism has sucked the consumer dry. The consumer is tapped out and until the nature of our economic system changes, and the people start to benefit from their own work again, things can only get worse. Top-down economics doesn't work. Democracy is the only economics that works.

Posted by Dave Johnson at May 29, 2009 8:58 AM


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