Sunday, December 2, 2012

Muddling Towards the Next Crisis: James Kenneth Galbraith in conversation with The Straddler

towards the next crisis
Running aground
I agree with James Galbraith that the left's gloom and doom is misplaced.  We have iPhones now.  and better cars
Muddling Towards the Next Crisis: James Kenneth Galbraith in conversation with The Straddler:
 "I think there is a tendency on the left to underestimate the success of the programs that created and sustained the middle class and the middle class mentality. There’s a tendency to focus on some statistical aspects of what’s happened to wages—median wages in particular—and to focus less on the role played by Medicaid, Medicare, Social Security, the housing programs, public education, and support for higher education, all of which gave us a population that had the attributes of a middle class society. The story that is often told about what’s happened to factory jobs, and what’s happened to wage rates, is not a good way of getting at the threat to that existence. "

'via Blog this'

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