How do you define “recession?”

Thomas Sowell gets routinely published in the Spokesman-Review and the fellow is way out there any more when it comes to trying to defend the present economy. Even to rehashing “rags to riches” types of fantasies. But when discussing with my sister using “Google Talk” the state of Sowell’s head when it comes to a severe economic slowdown, my sister who lives in Wisconsin has been discussing store closures and plant shut downs. If the economy is so sound, why is that, anyway? You would think that if a guy is going to proclaim how “conservative” he is, that he would at least resort to a few facts.

It is almost like he preaches some kind of economic theory from a university. Well now, families or individuals that make it to the top 1% and are eventually replaced by others from the bottom 5th and blah, blah, blah.  But is that a fact?  Back in the 1950s, it may indeed have been truer than it is today.  Because at least in the 1950s, the marketplace was likely far more egalitarian than it is today.  Sowell’s problem is that he is continually skating around the real facts of the market, its ins and outs, its ups and downs, and the fact as well that there are those in the market that are truly greedy for as much money as they can get their hands on.  That will mean that “the bottom fifth” won’t rise to the top to replace those who crawl into the lap of gvt to “protect them” from competition. The competition, precisely, from the bottom fifth.  When Sowell can no longer face reality, he is also no longer credible.

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