A quote from a HuffPo article by Hacker and Pierson: "If an economic catastrophe befalls Americans and no one in power hears it, did it happen? That was the question raised by a new Yale/Rockefeller Foundation report released yesterday that looks at the economic experiences of Americans during the Great Recession."
At one point, they pose the question: What's wrong with our politics that so much hardship evokes so little response? They suggest two possible answers: (1) The political system is broken (duh); and (2) The politicians are so insulated from reality they don't understand the urgency of the situation.
One thing that really concerns me is media manipulation of public opinion. For example, the American media were nearly unanimous in their cheerleading for the Iraq invasion. The European media in 2002/2003 were skeptical; Europeans were shown a broader picture. The present concern over the national debt seems similar. Who the hell cared about the national debt with 10% unemployment? I read one comment that a poll showed the national debt was a serious concern to an "enormous, overwhelming 4%", while a "minuscule, insignificant 56%" were concerned about unemployment and the sluggish economy. But comments like that were scarce. Generally, the media -- and, of course, the right -- were screaming loudly and incessantly about the debt. The "concern" of the public is bogus. It's been manufactured and hyped by constant reference in the media. (Fox News, of course, but other big MSM outlets as well.)
It's Keynes 101: Forget about the national debt until the economy recovers. Spend whatever it takes to get things humming again. (The trick is to be careful that as things improve, inflation is kept under control.) The Friedmanite right, of course, don't agree. I'm not looking forward to The Mad Hatter and his crew running amok in the new House.
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