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"It is better to be drunk with loss and to beat the ground, than to let the deeper things gradually escape."

- I. Compton-Burnett, letter to Francis King (1969)

"Cynical realism – it is the intelligent man’s best excuse for doing nothing in an intolerable situation."

- Aldous Huxley, "Time Must Have a Stop"

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Tuesday, 16 March 2004

Topic: The Economy

Economic Theory - Our Leader Explains What Is Happening

Note that George Bush said this in Washington, on February 19, 2004 - and Jacob Weisberg is forever finding more.

"Recession means that people's incomes, at the employer level, are going down, basically, relative to costs, people are getting laid off."

A textual analysis? Employers (people at the employer level) are seeing their incomes decline. They're making less money. Or their money doesn't go as far as it used to go - their income is declining relative to the costs of what they want. Employers have a diminished ability to buy the things they like to buy. Big cars? Jeweled watches? Whatever.

That is to say, basically, all sorts of stuff just costs relatively more for these people who employ others. Bummer. It's a real shame. Thus employers lay off workers. Who knows why? Apparently they think that laying of a few more people might help.

And this then is how you define a recession.

Implied here is the idea that if employers just made more money, and the cost of goodies remained constant, then these employers might not lay off so many people.

Thus it would seem the way to end a recession is to make sure employers make more money. Those at the top need to have more money. For some reason not given here it seems that might make them stop laying off people.

Of course Bush here could mean something else entirely. It's hard to tell.

Posted by Alan at 19:57 PST | Post Comment | Permalink

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