Just about a year ago Jon Hilsenrath writing for the Wall Street Journal penned an unbelievably out of touch piece to Americans asking them why they didn’t borrow and spend like drunken sailors. At the time I remarked that Mr. Hilsenrath was just plain clueless or too lazy to do the research he should have done before shooting his mouth off. Fast forward to the present and we have a similar piece from the Washington post, written by Robert J. Samuelson in which he blames Americans for not being happy with the recovery and spending appropriately. Again the reporter in this case Mr. Samuelson is either clueless or too lazy to do the research he should have done. Because the information is there and readily available to anyone who takes the time to look. It’s not hard to figure out, or to connect the dots nor does it require a degree in economics, I should know – I don’t have one. The real problem here is that the reality for Main Street America doesn’t match the official narrative which is everything is great. Nearly 100 million people no longer counted as unemployed as they have given up looking for work is not great. A steady decline in inflation adjusted earned income dating back 30-odd years is not great. Income gains only accruing to the top 5% as the middle class gets hollowed out is not great. Bankster bailouts at the expense of your average American and using our tax Dollars to boot is not great. I could go on and on but this should provide a good starting point for the lamestream media as to why American consumers including the middle class aren’t spending money like drunken sailors.
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