The Case for a Long Recession

Nate Silver produces the most interesting piece of armchair macroeconomics I have seen lately, predicting a long recession due to low economic volatility in modern times.

Predicting the macroeconomic future based on the past is never an exact science, but it is a good hypothesis nonetheless.

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The case for the elimination of the middle class

The essay treats post WW2 conditions as all there is and ever was. WW2 produced VERY freak world wide and American economic conditions mostly with thanks to the GI Bill, the Marshall Plan, and the Eisenhower interstate road program. The historical world norm is maybe 80% living in poverty, 15% middle class professionals, and 5% stinking rich. The world is regressing to the norm.

Most American citizens alive today have never unintentionally missed a meal. Our welfare class is dying of over eating and has most every sort of consumer good that the rich people have. When the crash comes . . . we are fast learners.