Quote;
The great economist Frédéric Bastiat in the 19th century emphasized that the real costs of policy-inspired destruction is not what you see but what you do not see. It is the investment that did not take place, the income we did not make, the savings we otherwise would have socked away but did not, the technologies that might have come into being, the jobs that would otherwise have been created, the art and music that never saw the light of day, the progress that would have defined our times that we never saw.
if this were merely a conventional recession, we would be very fortunate. What’s happening in the trendlines of every important metric is shocking. But the real devastation is in the realm of the invisible: the progress and freedom of which we were robbed. We know who did this to us. It’s the very people who made the desolation and now call it transition.
“Policy inspired destruction” is an apt term. What we do not see, but everybody that feels it, knows it is happening and knows what it is doing to their budget. Families are maxing out their credit cards just to keep their families fed and ever-growing children in shoes that fit.
And, yet, many people are clueless and do not hear warnings and they live day to day as if nothing could possibly change in American life. Normalcy bias.
Exactly. Its really getting into Depression territory.
That’s why they’ve redefined the term “recession”.
I love it that someone found a video of Bill Clinton defining the term in the exact words that they are denying!
The alteration of the inflation rate should be considered. In the 80s, I think, food and fuel were taken out of consideration of the inflation rate, so our 9% is really more like 17%.