At first I thought I might have stumbled across a document of some historical interest - an internal memo from the central planning committee of the Soviet Union ordering the apparatchiks to find a way to increase spending in a certain sector of the economy.
Turns out it was just an editorial from today's New York Times. Consumption by the middle-class isn't high enough to suit the Gray Lady's taste, or as it puts it: "There is no question that spending by the middle class has been weaker in the current economic expansion than in previous recoveries."
What really has the Times exercised is this: "In 2005, the top 20 percent of households made 39 percent of all consumer expenditures." Oh, the horror! How dare the most productive members of society, the ones who are creating most of the jobs for the other 80%, spend the most?
And so the Times issues its diktat: "It’s time for policy makers to acknowledge that such inequality is an economic and social ill — and to start finding cures." Like killing all the golden-egg laying geese, no doubt.
I won't be putting the editorial on Ebay. But you have to admire the masterpiece of antiquated thinking, of the kind that drove the old Bolshies into the ground, that the Times has fashioned.
Contact Mark at mark@gunhill.net
Editor at Large
Comments Policy
Buy me a Bentley, Mark!
December 12, 2006 - 08:42 ET by BlondeOh the horror!
Let's flip this little argument over, shall we?
A Bentley coupe, which a "top 20" would drive, costs $1,999 per month on a 48 month lease. A nice really nice Beamer, which a "middle class" driver would very probably lease, costs $469 a month.
Four times more for the same commodity (times housing, leisure & travel, clothing, etc., etc.)....yup....the top 20% spending 39% sounds more than fair to me.
Silly old Trots. They merely can't stand it that they can't drive the Bentley on someone else's efforts, is all.
It's like a bad sequel to Wee
December 12, 2006 - 09:17 ET by King of the BritonsIt's like a bad sequel to Weekend at Bernie's that is called Weekend at John Maynard Keynes. It was kind of neat when it first came out, but Weekend II, III, IV, V, and VI all stunk and should be put to rest. Unless of course you are a flat earth socialist.
Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty or give me death!´´
--Patrick Henry
One of the growing US dilemm
December 12, 2006 - 09:49 ET by GalvanicOne of the growing US dilemmas over the past few decades has been consumer debt: we have too much of it because people aren't saving enough. I think even a wacko economist like the Times' Paul Krugman would agree to that. Now, the NYT wants people to spend more. Not very sound advice.
NYT
December 12, 2006 - 10:08 ET by Sugar LandI'm just amused when I read a comment like, "But there is no question..." in the NY Times. The mere fact they take a stand on something tells you you should question whatever it is they're pitching.
The NYT talking out both side
December 12, 2006 - 10:12 ET by dscottThe NYT talking out both sides of their mouths again? Shocking. Totally unexpected.
How many times have these people been whining about the savings rate? How many times have they decried consumerism? How many times have they hyped Global Warming and our industries pumping CO2 into the air? So now they trot out the class warfare agrument again. I'm beginning to think the NYT is running out of negative things to say and thus must invent some other issue to rant about. These are the ramblings of a discontented teenager screaming for attention, with no interest in solving any problems or informing the public. It's pretty bad when a paper does not have a story to tell.
“The object of life is not to be on the side of the majority but to escape finding oneself in the ranks of the insane.” – Marcus Aurelius
The New York Times has lost m
December 12, 2006 - 13:26 ET by GothampcThe New York Times has lost middle-class readership too. Those darn middle-class are just not doing what they've been told to do.
nyt
December 12, 2006 - 15:09 ET by zoro7957I reckon there just was'nt enough of the middle class lining up at stores for the new play station.