So, how’s that economic recovery thing working out for you, Americans?
The U.S. economy added fewer jobs than expected in November and the unemployment rate rose, dashing hopes that the recovery is gaining momentum…
…The jobless rate, obtained from a separate household survey, unexpectedly rose to 9.8%, the highest level since April.
Economists surveyed by Dow Jones Newswires had forecast payrolls would rise by 144,000 and that the unemployment rate would remain unchanged at 9.6%…
That is because most economists – trained to believe that Keynesian theory is correct – are functionally idiots when it comes to economics. You don’t get economic growth by printing and borrowing money and then spending it like mad. You get growth when people work hard, save their money and carefully invest it for the long term. Any economic theory which does other than encourage hard work, savings and careful investment is someone trying to run a con – trying, that is, to steal things from those who have real wealth.
We can get out of this – but not until those in charge change their ways, or are replaced by people with common sense.
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