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Which America Do You Live In: Newsweek's "SuperCountry" or Reich's Stalled "Tinder-Box"?

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Newsweek's America:   "In the months since the Lehman debacle, the U.S. has no more lost its ability to grow and innovate than reality-TV producers have lost their ability to coax skanky behavior out of New Jersey's youth. And despite all the headwinds, there's no reason the expansion that started in July 2009 can't go on as long as the previous three, which lasted 73 months, 120 months, and 92 months, respectively. When the definitive history of this period is written, it is possible--no, likely--that this post-bust era will go down not as a time of economic decline, but as one of regeneration."

Reich's America:     "Absent real wage gains, that spending pace can't possibly continue. Consumer savings are down and their debt is up. Consumer confidence dropped last week to a two-month low. The only people left spending are in the top 5 percent, whose stock portfolios have been doing so well they feel even richer. But the top 5 percent can't pull the entire economy out of the doldrums. Besides, if demand continues to slide the stock market will follow."

 
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Arlen is a writer/blogger living in Monterey, CA. His political blog is thebigpicturereport.com. He writes a weekly quotation quiz "What's Your QQ?" (Quotation Quotient) for the Monterey Herald, as well as a quotationquotient.com website and (more...)
 

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