patrick.net

Its a great interview. I seriously doubt most folks will listen to the whole thing. I did, but most will blow off these guys who know the numbers. David Walker, Orzag, etc, doesn't matter. We are in Bubble v3.0. all si good. The middle class continues to shrink along with disposable incomes and the standard of living.

I like what each of them has to say...at one point, Orszag suggests that when a worker is out of work for longer than five years, their personal ability and confidence to reintegrate into the workforce is significantly hampered, making the "short-term-pain for long-term-gain" argument less attractive to proponents of such.

David is a gentleman. He really stays on target here, and readily admits that some of his suggestions are radical, which I also like.

Mick Russom says

We are in Bubble v3.0. all si good. The middle class continues to shrink along with disposable incomes and the standard of living.

That is true. The Federal Reserve along with Federal government (ie., stimulus, defense spending, etc.) are trying to lessen the effects of demographic changes (i.e., immigration, aging population, etc.), technology (automation and Internet) and globalization (i.e., demise of American manufacturing, etc.) on the USA. The US economy has been in a major reset since around 1993, when NAFTA came online.

Combine that with a major influx of poor immigrants and nobody can deny it has had an effect. California is one place that I am trying to learn more about as far as demographics, public education, state government, quality of life, and economy. California is the bellweather of things to come.

Stockman makes some great points. Unfortunately his solution is undo-able. No one would put up with years of austerity.

MsBennet says

Unfortunately his solution is undo-able.

Probably true...he does qualify that, though, by pointing out, that, in his estimation at least, the game is over. There is no fix because we've gone too far over the line.