I'm not sure why I'm posting this. It came from a Roubini tweet.
Readers here are mostly already in the choir. They already know the sermon.
So some of you try to spread the word elsewhere. This hand-wringing in a coccoon drives me nuts.
By now everyone has already read Warren Buffet's credo and insightful editorial in the Times.
Hell, when he can't get the attention of those who need to know, who can?
Workers' share of U.S, national income is collapsing.
Two questions for the Republican presidential candidates:
- Is this a problem?
- If yes, what can be done about it?
As I said before, there's not much blood left in the turnip. I was referring to Medicare and Medicaid beneficiaries, particularly the latter, who are already squeezed to the max and are in no position to shell out more.
But in this instance the blood supply itself is getting smaller. Payroll taxes are the revenue stream for both Medicare and Social Security. When Republicans argue that those programs are in trouble they are more right than they know. What they don't seem to notice is that the entire economy rests on the ability of workers to spend money.
GOP please note. Ain't nothing coming out of empty pockets.
Hope, as they say, is not a plan.