When I wrote on Friday that I was encouraged for the first time in years over the combined rise of Trump and Sanders I meant nothing by way of suggesting either as an actual candidate or what they might do should they pull it out. If anything, I implied that the political situation might have to follow the economy; that it should get a whole lot worse before it gets much better.
The point was not so much about the candidates themselves but the palpable angst that they loosely but clearly represent. It is a growing bipartisan rejection of the status quo as it relates to the economy. For years now, the political class has been lying about the state of the recovery because economists have so fortified their temple. Monetary policy and fiscal “stimulus” are all that there is and nothing else except that which retains the political hierarchy remains. It joins Tea Party and socialists alike, to tell Janet Yellen and/or Wall Street “enough.” The uniting factor is an as-yet amorphous or ephemeral sense that “something” is wrong and that those that continue to press on as if there weren’t need to be removed.
Sanders’ entire script reads as Occupy Wall Street. Therefore, his is the right target if the wrong solutions.
He [Sanders] has called for new spending that (for now!) totals $18 trillion over the next 10 years. This massive sum is to be spent, among other things, on single-payer health care, an expansion of Social Security and a massive taxpayer-funded infrastructure program.
Under his plan, the federal government would directly control 30 percent of spending in the economy, compared to the 20 percent we have seen in recent decades. For a comparison, the European Union’s “federal” budget equals about 1 percent of the economy of its member