NewYork Times: Economic Engines Not Revving Enough
Yesterday we hoisted U.S. President Barack Obama onto the Wall of Shame for representing 4% GDP growth as good news and bragging, “our engines are revving.” Today, the New York Times Editorial Board joins the President, for opining that the engines aren’t revving enough. In Growth Without Jobs, the Times complains about, “job growth that is too weak, wages that are too low and workweeks that are too short.”
The Times editorial board provides us with the usual tripe about needing more work and higher pay. I am waiting for the board to step back and examine the assumptions behind this line of reasoning. Yes, we'd all like to see everyone who needs work meaningfully employed, and paid adequately. But does the editorial board really believe we live on a planet with the endless resources required to fuel ever more workers, working overtime to convert those resources into automobiles, houses and refrigerators?
Commenting on what they characterize as painfully slow growth in the number of jobs created, the writers presciently got this right:
“July’s relatively slow pace of growth may not be sustainable.”
But of course they didn’t mean that growth itself is not sustainable. They haven’t yet grasped that important concept. Send them a copy of The Limits to Growth, or The End of Growth. We need the New York Times Editorial Board to start getting these things right. Today that board is perpetuating a destructive myth by repeating it over and over and assuming it is unassailable, drilling into the public’s collective psyche that we are entitled to more, year after year.
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