Tuesday, February 10, 2009


Robert Samuelson comes to mind as someone who's usually either picking on old people over Social Security or picking on "pampered" European workers or ginning up generational warfare on behalf of the well-to-do. But the economic crisis has him writing some relatively decent columns here, here, here, and here which contradict much of what loony-tunes GOP politicians are arguing.

In his columns, Samuelson "talks the economy down" and engages in much-derided "fear mongering":
This democratic (with a small "d") despondency has many causes. As more Americans invested in stocks, more became exposed to the market's wild psychological and financial swings. The plunge in home values has made many workers with secure jobs poorer. And, of course, layoffs themselves have become more democratic. Once, the young and blue-collar workers bore the brunt of firings. Now, managers, investment bankers, journalists, scientists - almost anyone - can be canned. Age confers little security. In December, almost a third of the jobless were 45 and over.

What offends middle-class Americans, most of us, is economic capriciousness. People crave order, predictability and security. They want to believe that personal virtues of studying, working hard and planning will be rewarded in the marketplace. Even in good times, these ambitions are often frustrated. But in today's economy, the disconnect has widened. Setbacks and losses seem increasingly divorced from personal effort. Our whole values system seems besieged.
I'd just add that throughout his career Samuelson has argued against public policy that mitigates all of this.

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