Stop now if you already find the economic news too depressing. If you’re a glutton for punishment, read on:
Americans Would Be Lucky to Mimic 1990s Japan By William Pesek
My thoughts on reading this and similar pieces:
Acting quickly isn’t the same as acting appropriately or correctly.
Taking bold steps isn’t the same as taking the required steps.
Somehow there seems to be confusion among the economic intelligentsia over these simple grammatical points.
I will continue to reiterate that what is needed is not necessarily bold or rapid (although the latter would be helpful! However, given the length of time between the onset of the collapse nothing from this point on could be termed rapid)). What IS needed is an economic policy framework that sets clear and unambiguous rules for the citizenry and investors alike, to allow market forces to adjust to these rules, and to (re) establish a sense of trust in the economy and its leaders that is so utterly lacking today. By the way, none of that is accomplished by repaving roads or painting schools.
