Economic Thoughts

Thinkin' 'bout the economy . . . not thinkin' deep thoughts, because I'm no economist. But neither are the politicians, and that doesn't stop them from talking about it like they're smart or something.

I often think back to a memorable economics professor I had at Bowling Green. It was a big lecture and she was part teacher, part performer. Very interesting and often funny, she was reminiscent of Patricia Neal. She was also Navy Reserve and usually taught in dress uniform, which gave her a certain gravitas. I regret I've forgotten her name.

I remember very little of the coursework, but I do recall some of her words. She told us there's a reason why economics is known as the "dismal science" -- our American economy is always big, slow, and uncertain, except for when it's big, fast, and disastrous. According to her, there is very little science to it and most of the time, nobody really knows what's going to happen, and those who claim to know are mainly bullshitters. All we do is watch what is happening and dissect what has happened.

She said that the things to remember about economics are: Needs & Wants; Supply & Demand; Price elasticity; The inverse relationship of unemployment & inflation. Beyond that, she said, it's all a crapshoot. She taught us that turning the economy is usually like turning an aircraft carrier. It can be done, but it will take time. She said incumbent office-holders -- presidents, governors, etc. -- always take too much credit or get too much blame for current economic conditions.

All this stuff comes back to me every so often, like when I hear Romney and the GOP rail against the economy and unemployment and gas prices, and you know who's to blame, don't you? Yeah, him. Clearly all his fault.

But please recall that the Big Housing Bubble Burst and the Market Crash and the Great Recession all occured before "him", and despite his inspiring election, by the time Obama sat down for his Inaugural luncheon, the economy was serving up shit sandwiches.

Although we'd all like instant pie-in-the-sky economic bliss, things are improving -- slowly, like an aircraft carrier turning. Considering where we were, there was no place to go but up. One can always say things could be better, but nobody promised us perfection. To me and to many others, it feels like we're getting better. Housing, car sales, the stock market, good chunks of retail -- all looking better. The signs are there. Not ideal, but I'm pretty sure we'll be O.K.

So let the R's howl. (Don't they always?) A government report a couple days ago confirmed that the U.S. economy (in terms of GDP) has expanded for eleven straight quarters -- essentially three years of growth. The Republicans only point then can be, oh well, that's good, but it's not good enough. We'd have done so much better.

Yeah? How? Worst mess since 1929 and you're still revenue-slashing the way to prosperity? Puh-leeze!

If I'm my cousin Barry, I think I say, "Bring it, douchebags! We're gettin' there. What exactly have YOU done?"