In fairness The Economist readily identifies its shortcomings with regard to the index. They explain that they are missing huge pieces of data, can’t exactly define what industries are “crony heavy” and which are not in a particular country, and miss the largest amount of cronies because the magazine focuses on billionaires. (The vast majority of cronies, like everyone else aren’t billionaires.)
There is some serious simple wisdom in the attached article.
Times are hard but they will likely get harder. We’ve covered over gaping cracks in the world economy with fiat money paper mache, but it won’t last. In fact the paper mache is disintegrating right in front of us. What Poland did to its pensioners earlier this year is an example of the underlying instability in the world economic system.
Kotkin has it right; Continetti is confused.
The only people who have seen their real incomes increase under this president have been the top 5% of earners. Those with large investment portfolios have seen their assets grow – or perhaps more accurately, have watched them inflate – while most of America has seen its income reduced over the last 5 years. Adjusted for inflation the average household in America makes less than 2008. Quite a bit less.
I can tell you as one who spends a fair amount of time in Washington DC that times are good in and around the District. I’ve lived in the suburbs of the place for nearly 20 years (I can’t believe that I just wrote that) and I have never seen as many Teslas, Maseratis, Ferarris, and high end Mercedes Benzes driving down Constitution Avenue as I do now. The place isn’t littered with them, but they are pretty common. More common than in your home town it’s probably safe to say.
That is, he proposes measures sure to make even more people poor.
There they go again.
The wealth of the nation is concentrated in Washington DC. I wonder why much of America resents the city so much.