Our Response to Mr. Kennedy, by Bill Bonner

Robert F. Kennedy Jr. wanted to know why the economy was so screwed up, and Bill Bonner told him. From Bonner at bonnerprivateresearch.com:

(Source: Getty Images)

Bill Bonner, reckoning today from Dublin, Ireland…

Recall from yesterday…

…we got a call from Robert F. Kennedy, Jr., who is running for president.  

He is curious, a rare quality for a politician. He wanted to know – what do we think? Why do we think that way? Herewith, we try to condense 25 years’ of on-the-go observations and guesswork into a carry-on bag.

Dear Robert,

Three little charts are all you need. 

It took us 25 years to shuck off the nonsense and delusions of contemporary macro economics. Here, in less than 1,000 words, is the ‘executive summary.’  

You lament, as we do, the decline of America’s decent, middle class Republic. Basically, we’re talking about the kind of country we had in the ‘50s and early ‘60s. It was not perfect by any means, but by almost all measures the US was on top of the world…and pulling ahead. Real wages were rising, inflation was low, and consumers bought ‘Made in America’ not because it was a political slogan, but because American-made goods were the cheapest and best on the market.  

It seemed inevitable, back then, that we would all be rich, happy, free and healthy by now. But something went wrong. Growth rates in the 21st century are less than half those of the 50s, 60s, and 70s. Real wages have been going down for the last 2 years and, measured correctly, the typical working stiff is worse off today than he was 50 years ago. Today, it takes him twice as long to buy an average car or an average house.

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One response to “Our Response to Mr. Kennedy, by Bill Bonner

  1. When no productive effort is needed to create “money,” then that money can be used to pay people who engage in no productive effort!


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