We happy few

This weekend, The New York Times published an op-ed piece on the failing American economy by David Stockman, Ronald Reagan's budget director from 1981 to 1985. Please print it out, post the important paragraphs on your refrigerator door, and email the piece to all you friends and family. Stockman's somber, funeral op-ed lays out his belief that the American economy has already driven off the cliff, that we're now in a slow freefall, just a few crises away from slamming into the ground. Since the S.&P. 500 first reached its current level [above 1,500], in March 2000, the mad money printers at the Federal Reserve have expanded their balance sheet sixfold (to $3.2 trillion from $500 billion). Yet during that stretch, economic output has grown by an average of 1.7 percent a year (the slowest since the Civil War); real business investment has crawled forward at only 0.8 percent per year; and the payroll job count has crept up at a negligible 0.1 percent annually. Real median family...(Read Full Post)