The headline from WaPo was – Oil May Become GOP’s 2008 Issue – which gives a great indication of where the economic debate is heading. Think about it, with annual 5.0 percent GDP growth rate over the past decade and a trade deficit has growing by over 25 percent per year, you are not paying for today’s gas, but yesterdays. You are paying interest on the massive debt.
But that is just the start, you are also being assured there is no recession. How is it possible that inflation has remained low over the past decade while housing, healthcare, energy and higher education costs have skyrocketed?
How has the government been able to conclude that inflation doesn’t present a problem for the economy?
How can the government report inflation without measuring food and energy costs?
Easy really if you ignore reality and just punch in the figures people want to see. Then you talk about every other bit of bullshit on the planet and take people’s thoughts away from an increasingly rapid ride toward economic disaster.
US government’s get away with this kind of ‘pea and thimble’ game because your economists still think the economy is the markets, there are no informed critics to spill the beans. Well few anyway, I found an excellent series of explanations here and here