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This depression is not so different, because the long trends
are the same. Keynes helped to sweep the problems under the rug and
save capitalism... for a while. It would be too radical to show the
continuity. So, this article ignores the real "secular" trends.
Those long-term problems include a decade-long slowdown in
new-business formation, the stagnation of educational gains and the
rapid growth of industries with mixed blessings, including finance
and health care.
Odd that he would choose to omit more basic and longer trends like the
reduction of wage costs by automation, the reduction of wage costs by
moving production to the cheapest location, the reduction of wage costs
by union-busting, and the reduction of wage costs by "slowing" the
economy to create unemployed docile workers.
Is slow biz formation a cause or an effect? Will education make some
workers able to displace someone else in the game of musical chairs with
jobs? Is finance an industry? Should health care be for profit?
The Times is not changing... still awful.
Barry
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