An announcement today that US unemployment is up .2%. Republicans are going to hold up extensions of unemployment benefits until Democrats agree to give tax breaks to the most wealthy Americans.
Ending unemployment payments is not going to create the demand that the economy needs to get moving. It will only deepen the crisis.
This is basic blue collar economics.
The only news that the people at the top seem to be paying attention to is the stock market. It has gone up in the last week. And those who earn their income from stocks would really like a tax break. Perhaps they have some sense that today's market value of their stocks is not exactly money in the bank.
Snap quiz for students of blue collar economics: Which is the most important driver for the economy, the price of a share of stock or the amount of money in the wallet of the average American?
Take your best guess
Friday, December 3, 2010
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