Something’s got to give in the US and global economy. From MN Gordon at economicprism.com:
Mankind’s willful determinations to resist the natural order are in vain. Still, he pushes onward, always grasping for the big breakthrough. The allure of something for nothing is too enticing to pass up.
Systems of elaborate folly have been erected with the most impossible of promises. That prosperity can be attained without labor. That benefits can be paid without taxes. That cheap credit can make everyone rich.
Central to these promises are the central government and central planning authorities. They take your money and, in return, they make you a dependent. They promise you a secure retirement, and free drugs, while running a scheme that’s well beyond anything Charles Ponzi ever dreamed of.
According to the government’s statistics, the economy has never been better. By the official numbers, we’re living in a magical world of full employment, 2.3 percent price inflation, and the second-longest growth period in the post-World War II era. Agreeable reports like these are broadcast each month without question.
Still, we have some reservations. How come, with the nirvana of full employment, 62 percent of all U.S. jobs don’t pay enough to support a middle class life? An economy with full employment should be an employee’s market; one where employees can name their price.
Surely, workers would select a middle class life if they could. But they can’t…because full employment’s a sham.