Today comes word via the WSJ that "some" are describing the "recovery" from the Bush Depression and Economic Panic to be anemic, and Ned agrees. One reason is obviously that house prices have become rational after a decade of insanity. Unfortunately, localities depend on property taxes for most of their revenue, so when prices and values fall, revenues often tank as well, except in Alternative Universe places like Ned's home of Oregon where property taxes seem to go up regardless of house prices. But let that pass.
Another problem is the zero interest rate favored by the morons at the Federal Reserve. This affects tens of millions of middle class Americans, especially geezers, who are afraid to risk all their nest egg on a stock market rigged by the Sneering Plutocracy. Ned reckons that about a trillion dollars is tied up in money market, savings and checking accounts that are paying essentially no interest. In around 2005-6, similar MM accounts were paying around 5%. Assume we have one trillion dollars in accounts suddenly getting 5% interest and you have just pumped 50 billion a year into the economy with NO ONE THE LOSER, since no one is borrowing money anyway. In fact it would result in a sharp increase in spending and an increase in tax revenues.
But, since Ned doesn't have an economics degree from Harvard, why should anyone care what he thinks?
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