Quote:
Originally Posted by Tyrone Slothrop
It's not a counter, it's an explanation of why an aggregate effect that seems pretty mild really hits some places hard.
|
The aggregate effect isn’t mild. By asserting it is, Krugman assumes something contrary to reality.
https://www.cnbc.com/2018/01/18/few-...emergency.html
https://money.cnn.com/2018/05/22/pf/...ces/index.html
https://www.theatlantic.com/magazine...-shame/476415/
https://www.theguardian.com/commenti...k-robert-reich
There are a lot of reasons for this, including a lot of Americans making unwise financial decisions. But the overwhelming majority of it stems from policy decisions and changes in the labor market. This is not “mild” in any regard.
The notion it’s mild is undone by the admissions at Davos this very year. The Brahmin of global capitalism even admitted that the old neoliberal system is losing (or has lost) its grip because there are too many angry and forgotten people to control. Christ, look at the crazy confiscatory tax Warren just proposed. This political upheaval, these admissions from the “elites” themselves, do not describe problems in the global economy one would call mild. They are extreme reactions to an acute and significant group of problems.
