MORE GOVERNMENT LESS REPRESENTATION

摘要

Establishment economics should be having a complete nervous breakdown. It claimed that growth and fairness could be created through government spending, zero or negative interest rates and central bank bond-buying. Applied massively, those policies are working in reverse, causing repeated downward revisions to growth expectations and channeling gains to the wealthy but keeping average wages down. The result in the U.S. since 2009 has been average real GDP growth of only 2.3% and average underemployment of 23 million. The establishment rationalized this as the "new normal" caused by the 2008 financial crisis, an untenable claim after six long years of slow growth.