Tuesday, August 21, 2007
If you have the feeling that you're going out backwards, that's because you are.
Sorry, Lott. Most people's incomes aren't even keeping up with inflation, much less increasing. "Nearly half of Americans reported incomes of less than $30,000, and two-thirds make less than $50,000." [Today's New York Times] So how much of paying other people to do their chores can 2/3 of the American people afford? Not much. Your "service economy" is a bomb, Lott. The vast majority of people don't make enough to afford these "services" because working at wally world and burger death and mowers-r-us and laundry-city doesn't pay enough to afford these things - it takes a wealthy person to have "hired help." Wealth is made by creating durable goods, Lott. An economy without manufacturing is a dead economy.