Posted by
Andrews on Monday, August 31, 2009 5:23:31 PM
Best of the Web has an amusing post, but one that raises an interesting question:
Hey Consumers, Consume Already!
"Even
as evidence mounts that the Great Recession has finally released its
chokehold on the American economy, experts worry that the recovery may
be weak, stymied by consumers' reluctance to spend," the New York Times
reports:
Given that consumer spending has in recent years accounted
for 70 percent of the nation's economic activity, a marginal shrinking
could significantly depress demand for goods and services, discouraging
businesses from hiring more workers.
If only the president would urge Americans to show their patriotism by going shopping . . .
My question is this: If the economy is weak and there are no new jobs, consumer spending is depressed and the economy is sluggish, by what precise standard has the recession released its "chokehold on the American economy"? Isn't that akin to saying "except for the tumor, the pain and the increased likelihood of death, we have cured your cancer"?
POSTSCRIPT
As I mentioned Best of the Web, I have to note that after I posted
my pro-Cheney article, I noticed that I am not entirely alone, Mr. Taranto also appears to be fond of our former VP. It is nice to know I am not the only one. (Actually, I am one of three, as my wife is also a Cheney fan, despite being otherwise mostly apolitical.)