Moderately Confused (11/1/10)

It’s been two years since the economy collapsed and, sadly, it has yet to rebound. Part of me is optimistic that the next two years will be better. Corporations have stockpiled billions of dollars; maybe they will spend it. A bipartisan commission is preparing a report on how to reduce the national debt; maybe Congress will act on it. Entrepreneurs are looking around for the next big thing; maybe they will find it. Realistically, though, it seems like 10-percent unemployment is here to stay unless (and I say this with only mild self-interest) we all get raises. The American economy is fueled by consumer spending. Unfortunately, consumers are maxed out. We can’t spend more money unless we earn more money. But we won’t earn more money unless we spend more money. Money we don’t have.

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