The Retirement Gamble
Part one of a series on how Wall Street fees rob seniors of their retirement and grant big pay days to bankers.
Part one of a series on how Wall Street fees rob seniors of their retirement and grant big pay days to bankers.
Oddly enough, I think Maher is more capable of pissing off Americans than Kim Jong Un.
The Article: The Jobless Trap by Paul Krugman in The New York Times.
The Text: F.D.R. told us that the only thing we had to fear was fear itself. But when future historians look back at our monstrously failed response to economic depression, they probably won’t blame fear, per se. Instead, they’ll castigate our leaders for fearing the wrong things.
For the overriding fear driving economic policy has been debt hysteria, fear that unless we slash spending we’ll turn into Greece any day now. After all, haven’t economists proved that economic growth collapses once public debt exceeds 90 percent of G.D.P.?
Well, the famous red line on debt, it turns out, was an artifact of dubious statistics, reinforced by bad arithmetic. And America isn’t and can’t be Greece, because countries that borrow in their own currencies operate under very different rules from those that rely on someone else’s money. After years of repeated warnings that fiscal crisis is just around the corner, the U.S. government can still borrow at incredibly low interest rates.
Sad that it has to hit to YouTube for people to understand such a basic concept.