Consumers have long been warned they were going to be pushed to the “point of pain” in order to curtail their spending. It seems like we’ve finally reached it.
Consumers have long been warned they were going to be pushed to the “point of pain” in order to curtail their spending. It seems like we’ve finally reached it.
I will when the majority of polled economists consistently support views that are not aligned with the regular population. When I see daily articles from groups like Brookings and the Economist bragging about how great Wall Street bailouts are and condemning student loan forgiveness I am not inclined to go find the single lone unicorn out there that disagrees.
Somehow we are supposed to believe the moral hazard and inflation risk of student loan debt forgiveness is real and horrible while bank bailouts it is non-existent. Just the other day I read an article by Grunweld explaining how bank bailouts are emergency measures and they don’t have to factor in what mistakes led to it or what problems will come from the fix. Meanwhile if you even hint at getting rid of student loan debt suddenly everyone wants to talk about those issues.
People lost their pensions, jobs, and homes in 2008. Goldman Sachs showed record profits. Economists approve of both.
Well that’s a whole lot of words that you might hear Robert Reich say.
Good for him?