And the continuing snark of Snark Week
Big news. China is out of money. Who’da thunk it? A country spends endlessly and then there’s an end to it? Spend, spend, spend and think it never ends doesn’t work as an economic development model!?!?! Naaahhhhhh!
So, there are these people, called Economists, who seem to be revered as Saints in the Social Sciences because they can add in their head. For about, oh, the past 500 years, they have been extolling the virtues and inevitability of continuous economic growth as savior of all social and political problems. All government has to do is keep spending and growing and all will be right with the World.
The interesting thing is, on the population side, Natural Scientists have been trying to talk to these guys about population dynamics, the risks and realities of unchecked and unrestrained population growth for several hundred years. You know, rabbits, lemmings . . . . That making more market by making more people (or importing more people from somewhere else) is not establishing a healthy economy, it is setting up a crash. An economic crash, a natural resources crash, a social crash.
But these guys can add in their head so everyone listens to them. And those Natural Scientists, everyone knows their weirdos and who can possibly understand what they are talking about anyway.
And now the latest out of DC is the Shop ‘Til You Drop crowd who couldn’t balance the checkbook back last summer is now doomsaying what will happen when they have to live within limits come the end of the year. Tja. The crisis is real!!!!! Nice try. You want a crisis that is real? An economy that is so out of whack due to made up Potemkin’s Village federal spending on unneeded and unuseful pet projects, absurd tax cuts for the very wealthy,* insane housing policies for the past two decades and purposefully exporting jobs, that we have a record low labor force participation rate and record high number of Americans on food stamps. So, put some taxes in place to make it not quite so worth it to make all that money and quit incentivizing luxury spending? Nah!!!! Let’s just keep shopping like it’s 1999!!!!!!
The time has come, the walrus said, to talk of many things,
Of shoes and ships and sealing wax, of cabbages and kings . . . .
We need shoes, we used to build our own ships, there’s nothing wrong with cabbage a little bit of vinegar and time doesn’t fix, and kings? In America, not so much. (Oh, and the sealing wax? Well, if you don’t have a Post Office any more to accept letters, then I guess you don’t need sealing wax.)
At some point, what goes up, even population, will go down. It is not if, it is when and a “return to prosperity” is about managing a contraction rather than trying to pretend it is still an expansion.
To living in today and tomorrow and leaving the past behind.
*If you make over $200,000 a year, I classify you as very wealthy. If you do dumb stuff with your money and have no assets or savings, that’s your fault.