Mark Haines: “Higher taxes creates more jobs.” No, I am not making this up, he really said this and he is basing this on 18 years of history from the Clinton years to the Bush years. I am not exactly sure when Mark went off his rocker, but he definitely hit his head, hard, when he landed. I have never heard such stuff in my entire life and it makes no sense. Let me explain.
Did Clinton raise taxes? Yes, he did. Did jobs increase? Yes they did. However, when did jobs increase? Not until after 1994, the Republican Revolution and some of Clinton’s tax policies were reversed, like his huge tax hike on the retired, the largest in history I might add. It is also important to note that this is when the internet came into everyday life and altered the business model of U.S. corporations and created a “new economy” which turned out to be horse poop, there is never a new or old economy, and there is merely an economy. However, the internet did improve efficiency, pricing and competition which create growth. All of this combined with dirt cheap oil led to the greatest economic expansion we have ever had, there is no question about that.
However, comparing the 1990’s to the 2000’s is crazy. It is the same thing as comparing the roaring 1920’s to the 1930’s, there is just no way you can make the comparison in an honest fashion and say there is any correlation. In fact, taxes were low in the 1920’s and we had a similar expansion as the 1990’s and taxes were higher in the 1930’s and unemployment was through the roof, so according to Haines the opposite should have happened. Also, according to Haines, the 1970’s should have been boom years as well as taxes were way up, but if memory serves me correctly the 1970’s, besides the Bee Gee’s, ABBA and Marvin Gay, sucked.
I guess the mandate from corporate, GE, to make the current administration look awesome and push their policies, no matter what, really went to Mark Haines’s head and he took it literally. I guess if we can prove Stalin had economic growth through killing 20M of his fellow citizens that too would be a good enough policy to enact here as well? I am just wondering how far he would go with his whacky correlations since he is clearly left of center. Higher taxes means people will spend less in order to save for the future tax bill, I save more when I know I have taxes coming up, I mean, this is economics 101. Hell, this might be business law high school style it is so basic, but not in bizzaro world. In fact, I am wondering if the market would not shoot up 1,000 points, with no circuit breakers of course because it is an up day, on the news of a VAT and a marginal income tax rate of 95%.
I get it, everyone hates Bush, I don’t blame them, and everyone wants to blame a policy for our problems, but making stuff up isn’t the answer. Pulling correlations from two uncorrelated periods is not the answer. Personal ideology being interjected into what is supposed to be unbiased reporting is not the answer. Is there any wonder why NBC as a whole is in decline? Businesses will not higher if they do not know if their effective tax rate is going to be 15% or 50% next year or how much health care per employee will cost them. They will not hire if they think end demand will not be there because people, like me, are saving to pay those higher tax bills that are coming. This is basic business sense which is clearly lost on the, what is their motto, “The #1 Business Network?”
I am not a fan of the current administration, I think most people know this by now and no I am not a racist or anti-government, but the action lately has just gone over the top of prudent governance. Joe Biden, at a fund raising event, said that the economy will be adding 500,000 jobs a month in the near future. Joe, whatever you are smoking, please pass it because you are feeling no pain and I could use that for a little while.
The notion that this economy will create 500K jobs a month in the “next few months” is absurd and irresponsible. How in the world will this happen? We are still seeing 450K+ a week in initial claims which shows that employers are still laying people off. The work week is still well below 40 hours, coming in at a little over 33 hours a week, and wages are starting to deflate. If this economy was going to create 500K jobs in the next few months we would not be seeing what we are seeing. I understand this administration is under tremendous pressure to boost employment, but there is a difference between giving people hope and flat out lying, Joe is doing the latter.
I suspect he made this statement because census hiring will kick into high gear for April and with the passage of the health care bill the government will begin hiring for the new agencies being created. However, those jobs are not “real” jobs, yes they pay people and they do work, but they are not private sector jobs which actually create products or services. Government jobs create nothing and are actually a drain on the citizens of the country as the salaries for these positions must be paid for by some type of tax or fee which sucks capital out of the economy.
Clearly Joe was being Joe when he made that statement because, as usual, it was reckless and inaccurate, like most of the things Mr. This is a Big F****** Deal says. I see a trend with this administration that is eerily like that of FDR’s administration, please read The Great Depression: A Diary by Benjamin Roth to see the similarities, which would not stand for criticism of any kind. I get many do not like the Tea Party because there are a few nut jobs in the crowd, as with any crowed, but look at what they are doing to them. They branded them anti-government, racist and dumb which is largely unfounded accusations and I seem to recall liberal rallies which were supported by the Democrats as citizens exercising their right to free speech. However, when the speech is criticizing the Democrats, well, they can’t have that now, can they?
Regardless, let’s take a look at another report about the health care bill. A new report from the Associated Press today says the bill will cost far more than what was projected by the CBO and by the Democrats, are you really surprised by this? The bill will cost $311B between 2010 – 2019 and, which the CBO already admitted, will raise premiums for everyone. However, there is way more cost than most people think about, let’s take a look at some back of the envelope costs.
The bill mandates that everyone has to have coverage or face a fine, but because of this mandate the government will offer generous subsidies up to individuals/couples making $88K a year. Who knows if these subsidies get bigger or smaller in the future, but we will use what we know for sure. The good news is that the poor will get “free” coverage and as your income increases so will the amount you will have to pay. The range of premiums owed is based on a sliding scale and will cost you between, assuming you make less than $88K, 3% – 9.5% of your income.
That is a heavy burden on a family even making $88K a year and for the kind of poor, making, say, $50K a year, you are taking a big chunk of a person’s income which they have no choice but to pay. On $50K a year they will end up paying about $1,500 a year for health insurance, $125/month, that is a lot of money considering the bi-weekly pay is about $1,200 for someone in that income range. This means that money will impact their standard of living perhaps preventing them from even owning a home. At the very least this bill will pull billions out of the economy every year, that is not what we need right now.
If we look at the 32M this bill will insure times the estimated about they will have to pay, the number gets pretty ugly. If we assume the average person will pay $3,500 a year in premiums, who much money will that take out of the economy? The answer, $112,000,000,000, almost 1% of the current GDP. If we look at the average subsidy you will receive, which the government, i.e. other taxpayers, will provide people, how much would that be? The answer, $288,000,000,000 (32M x $9,500 – average subsidy by my calculations based on current insurance premiums on an annual basis). I am not sure how Congress came up with the cost of this bill being only $930B or so, but I do not want whoever crunched those numbers to do my taxes.
The point I am making is that this bill which is being bragged about by the Democrats is not good for business and not good for the middle class. Let’s not forget that the real middle class, couple, will more than likely make more than $88K per year which means no subsidy at all for them. Paying for a $12K or $1,000 a month for a health insurance policy is a lot to ask. Most people do not realize that making $100K in today’s world is not that much money, after taxes, mortgage payments, property taxes, energy costs, kids and so forth.
The worst part is that the GAO has estimated that by 2020 93 cents on every dollar collected by the government through taxes will have to go towards entitlement programs. That means only a small portion will be available to go towards everything else we have, you know, like debt servicing costs. Does anyone think taxes on everyone are not going to go higher? I know, they promised that only the rich will pay higher taxes, news flash, politicians lie, shocking. If we do not have a VAT, value added tax, it will have to come from higher income taxes and, more than likely, we will end up with a VAT AND income taxes which would be horrible. I am not even going to go into the tax base they used to calculate this, but I will say it is absurd.
No one did not want to reform health care we just wanted it done right. I think people would have been for the stimulus if it was done right. The problem is that these programs were not done right and will cost us all dearly in the future. This is not about party lines, the Republicans stink as well, this is about the countries very survival. To put this into perspective, Obama just said I walked into a bad situation with trillion dollar deficits and $8T in national debt. Well, it is Obama’s second year in office and the national debt is now reaching $13T and somewhere along the way we are being told that 2 wrongs make a right, because bush did it first.
This is unsustainable and I mean any annual deficit is now unsustainable. Adding even $500B a year is irresponsible and will have catastrophic consequences let alone adding trillions more to this figure. People say we have to run deficits because we have trade deficits. What they don’t tell you is our trade deficits are not that big and we have enough debt outstanding that would cover our trade deficits for a very, very long time. I believe we are past the point of no return and freezing spending after increasing the budgets of government agencies by 20% is doing nothing to reduce our long-term debt obligations. Just like we are seeing in Greece now, this will all come to ahead very soon and who will bail us out?
In the meantime, if you actually believe we will have 500K a month job growth in the next few months while initial claims come in at 450K per week, pass me whatever you’re smoking.
There is a lot of hot air coming out of Washington and the press about who saved the financial system over the past few months. The White House claims they saved the system, the press agrees, and others say Ben Bernanke saved the system, even though he caused or helped cause the problems. Others in Congress believe that they helped save the system, who knows how they think that. Out of all of these credit seeking entities it does raise the question of who really saved the system, for now.
As far as the White House is concerned, I cannot think of one legislative item they produced in the past year that directly did anything for the banking system, but they demand credit for the save. The fact of the matter is that TARP, for all of its flaws, did save the system and that was a Bush era solution. Obama and Geithner simply imposed a ‘stress’ test for the banking system, just an FYI on the stress test, we surpassed the ‘rigid demands of that test’ as far as unemployment and other economic hardships. It is safe to assume that the stress tests were a joke and meaningless other than a confidence booster. Outside of that particular item the administration simply spent trillions on pet projects through the stimulus bill, which is clearly a failure, and that is it. Obama had nothing to do with saving the system outside of his vote for TARP, period.
To think Obama or any Congress person did anything else to save the system is pure partisan politics. I am fine with people giving the credit to Obama, because it proves my point that people do not follow what is really going on and have the attention span of a nat. However, this is a double edge sward because nothing has changed within the system itself so are they going to take credit when this thing falls apart? I doubt it, but it will be interesting to watch them weasel their way out of it. It is also clear that the latest proposal to separate prop trading from banks proves that the current administration does not and never did understand what caused the problems to begin with. In short, they are empty on intellectual knowledge and packed full of the people who helped create the problem so they are all simply doing a major CYA right now.
Congress has done nothing for the system, sure we got show trials, but they just threw a bond broker in jail for selling AAA rated securities, talk about misplaced blame! The reality is one person saved the system, in my opinion, Ben Bernanke. Now, just because I am giving him credit for the save it does not mean I like him or his policies. Yes, he cleaned up, or started to, his own mess, but make no mistake about it, he caused or helped create the current mess. Ben denies that he had any responsibility in making the mess, but he did as he endorsed, feverishly, low interest rates for a prolonged period of time during the early 2000’s. He actively endorsed QE by other countries and, now, the US and did not realize that housing prices increasing at 10-20% a year were a bad thing, huh?
Ben did save the system, but he also is responsible for its demise at the same time, so how much credit can you really give him? I do not think Ben should be reappointed as he clearly has no forward looking vision as far as potential trouble in the economy. That is one reason why I find it funny that Ben ‘sees no bubbles’ in the US markets or economy now. Yes, I believe equities are in a bubble, I have always believed that, since there was no real fundamental reason for the markets to go from the March lows to 1,150 on the S&P and 10,600 on the Dow. The markets were due for a bounce as stocks were pricing in a financial system collapse, but not all the way back up to current levels. As it turns out we might be at the precipice of the much anticipated correction now, a weak currency and massive pumping up of the monetary system is not a good thing over the long-term and is why we saw such a rally.
Regardless, Ben believes the market’s reaction is normal which can be interpreted many different ways, the conspiracy minded will say that confirms the Fed is buying S&P futures, but I read it as Bernanke is just oblivious to reality as the market grinded its way higher, with no volume or flows from retail investors, away from the economic reality of the times. Green shoots are everywhere according to Ben, but consumer credit is contracting, housing is being propped up, unemployment is grinding higher, the national debt is increasing a scary rate, Greece, Ireland, and other European countries are on the verge of default, Dubai did default, banks will not lend and hiring is minuscule at best. Sure we saw some GDP growth, government induced, and some areas, technology, look promising, but other than that there is no fundamental good economic data to support the current market levels.
It is clear that the pricing in of all the good news has already happened, Intel released good earnings and it sold off, the same with IBM and a host of other firms. Just because the market goes up does not mean everything is fine or that the market is forward looking, it is not. If the market was a good forward indicator we would not have sharp corrections because the market would always know in advance. If the market was forward looking we would not have seen the Dow hit 14,000 in the fall of 2007 when all the warning signs were clear as a bell, the Fed was dumping hundreds of billions of dollars into the overnight markets. What I am saying is I am happy if you are long and made money, but just because you made money and the market is trading at irrational levels it does not mean it is correct. The market is also not a forward looking instrument, so stop saying it is.
At the end of the day it was only Ben who saved the system pushing rates to zero, putting together those funding programs, TALF and such, but he did this at a price. By moving rates to zero he forced savers out of secure investments into higher risk assets so firms can refinance their garbage and give it to safety seeking investors because they have nowhere to turn for yield. Ben has expanded the balance sheet to new weekly records for the past year and it will continue to grow indefinitely, at this rate. Ben has started QE and it looks like he cannot stop those programs without a huge amount of pain to everyone, so it will continue forever. Ben has risked the entire future of the USA by putting the central bank in a position to permanently devalue the dollar, part of the ultimate goal I might add, and by taking excessive credit risk.
Ben just might have put the country at greater risk than the banks did in the previous 10 years. While I know deflation is in the works for the foreseeable future it is only a matter of time before inflation does hit or we are forced to openly devalue the dollar. All because Ben saved the system for a few bankers who we could have lived without as smaller institutions would have stepped up to the plate. To re-nominate this guy is the single worst idea I have ever heard. To give credit to Obama for saving the system is laughable at best, just because we want to have a beer with the guy does not change the fact that his policies are horrible and he has done nothing in his first year in office. We have to stop being influenced by what we want to believe and look at the facts on the ground. Those facts tell us Washington and the Fed have failed, end of story.
I am watching the happenings in Venezuela carefully as this might be an indication of things to come in the US. While most people naively think that “it can never happen here” I would like to warn you that every country where these things have happened uttered that exact same phrase. Whether it happens because the Federal Reserve loses control over the devaluation of the USD or because foreign debt buyers just stop buying US debt the one thing I am sure of is that it can and will happen here at some point in the future.
What I am talking about is massive devaluation of the currency which leads to inflation or, in this case, hyperinflation. I have stated that for the moment we do not have to worry about inflation, and I stand by that prediction, for now, at some point we will have to cleanse our demons and massive balance sheet. The one and only thing that is saving us right now from inflation is our pitiful employment situation, which is not getting any better I might add. Without employment there will not be wage inflation and we will continue to have subdued demand for products with the exception of food and energy.
Even though I fully believe deflation is here for the near-term, reinforced by the Fed itself, there is one caveat to my prediction, the devaluation of the USD. I have made no secret that I believe that the Fed and the current administration, along with the former administration, have had an unofficial policy of maintaining a weak dollar. The reason for the weak dollar policy is simple, it boosts GDP and earnings in a globalized world along with a host of other seemingly positive economic stimulus. However, a weak dollar is not good long-term for a country and hurts the population as dollar sensitive products become very expensive, i.e. $140 a barrel oil marks the low point of the USD in 2008, and is inflationary without the benefit of actual inflation.
Let me explain, inflation created by excess money printing usually enters the banking system and is loaned out to the population. This is called money velocity and creates too many dollars chasing too few of goods. However, without money velocity traditional inflation cannot happen, but even if the excess money printing does not enter the economy it can still devalue the currency based on the future expectation of it entering the system. This is what was happening up until the last dollar rally and I would like to point out that the last dollar rally was because, depending on who you listen to, short covering, fear about sovereign default (i.e. people were afraid of another systemic meltdown which, in turn, initiated short covering. This is the scenario I favor), or people felt the Fed was actually going to raise interest rates which is absurd, in my opinion.
The dollar devaluation that we have seen explains why oil prices are on the rise as demand simply is not there. It also explains why metals have also climbed for most of 2009 as well. What is scary about both oil and metals going up, especially in 4Q09, are the fact that these prices increased in the face of a stronger dollar which is counterintuitive. Well, it is for gold at least as oil could increase with a strong dollar if there is sufficient demand, but, frankly, there is not as much demand as the price indicates. Regardless, rising energy prices when the economy is weak, to me, is a warning sign of a problem and should forewarn you of things to come, inflation.
If we continue with our insanity that Washington and the Fed is telling us we need it is inevitable that we will end up in a situation like Venezuela where we will either willingly or unwillingly have to devalue our currency. There are pluses to devaluation as your debt, assuming a fixed interest rate, will remain static and your earnings will eventually increase allowing you to pay off your debt faster. However, the negatives outweigh the positives by a long shot as your savings are worthless. This is why we saw the people of Venezuela go out and buy everything they could because goods will be worth more than the paper money.
What is disturbing though is the fact that even though devaluation creates higher prices the Venezuelan government shutdown some stores for “price gouging” which is humorous, in a sick way. The government intentionally creates inflation to make their balance sheet look better, but because new goods will cost more stores cannot compensate by charging more for products they currently have. How in the world are these stores supposed to stay in business or id the governments point to put them out of business? The next logical question to ask is how would this type of scenario play out in the US?
While we do not really have any past history to use as a bench market I think what we see happening in Venezuela is probably a very good example. Right down to the black markets that are more than likely popping up all over the place to provide goods and services the population cannot receive from the usual sources. What I would be interested in knowing is if these black markets are using another medium of exchange, i.e. US dollars, gold, silver, Euros, whatever it might be, to pay for these goods and services. I would be inclined to believe that is what is happening, but there is simply no proof and I am willing to bet no one wants to openly talk about such things for obvious reasons.
What is usually accompanied with this type of devaluation is the government imposing its will that its citizens continue to use its currency no matter what. We saw this happen in Zimbabwe, but just like in Zimbabwe the black market switched over to an alternative payment system, gold. It is important to note that gold is being used because dollars or other currencies simply are not plentiful in the country and gold can be mined, of course gold has also been used as currency for thousands of years as well and at current prices a little bit goes a long way. Basically, forced price controls and forced use of devalued, or worthless, currencies simply do not work, that type of system never has in 4,000 years.
I am not suggesting the US or Venezuela will turn into Zimbabwe, but I am saying that we are facing certain financial Armageddon at some point in the future. All the US has managed to do is kick the can further down the road for others to manage and we are running out of road, unfortunately. We will have only a few choices in the very near future and the most obvious, because it is politically easier, is to inflate our way out of our problems. While this seems like a good idea I am thinking that the 77 million soon to be retired Baby Boomers who are about to be living on a fixed income will like this strategy. However, it is unlikely that they will like the alternative either, much higher taxes, less Social Security and steep cuts in Medicare.
We live in unique times and the one certainty we have is that there is no certainty of anything. I do not believe that there is any question of whether or not we will follow Venezuela, in my mind it is only a matter of when it will happen, not if. However, before we go down that road you will be comforted in knowing that Japan or the UK will more than likely go down that path before us as they are in worse shape than the US. Regardless, watching what happens now will give you an idea of what could happen here and is also why I am a big proponent of investing in precious metals.
So far holding gold, silver, platinum or palladium has been a very sound move on my part, but I actually hope that these investments turn out to be horrible for me because that will mean I was wrong about the future of the US monetary system. While I might be wrong what concerns me is that there are many people who are a lot smarter than I who are sounding the same alarm I am. I would also like to not be naïve enough to believe that “it could never happen here” either because I am sure there are millions of people throughout history who would tell us that you should never, ever, utter those words because no person or country is special.
Those who deny that there was a stimulus II, which was actually a stimulus III or IV depending how you count C4C and the home buyers tax credit, should be intrigued by the title of one of the last acts to narrowly pass the House, the “Jobs for Main Street Act.” This act spends an additional $174B on jobs for American’s, which sounds great, until you read the jobs it wants to create. This act which is merely another spray and pray spending bill geared to help the base that swept the current administration into power. However, the $174B isn’t all new spending as $75B is coming from TARP and only $100B is coming from new spending.
Let’s examine where this money is going and then decided if it is going to help the employment situation. According to the bill and its Democrat supporters a portion of the bill is going to support key areas of ‘infrastructure’ and create jobs in the following areas: tens of thousands of new construction jobs, 5,500 more police officers, 25,000 additional AmeriCorps members, 250,000 summer jobs for disadvantaged youth, 14,000 part-time jobs for parks and forestry workers.
A couple of points of interest, first, weren’t the first $787B supposed to support infrastructure projects? Wouldn’t this prove that the first stimulus in the infrastructure area was a waste or at least mismanaged? Second, I am not really sure how AmeriCorps and summer jobs for youth are infrastructure jobs, but it does do one thing, solve the unemployment problem for youth which is in the high 20% area. Unfortunately it does nothing to solve the real unemployment problem in the private sector or for those who actually pay taxes to support such spending bills, but hey, who cares as long as kids have jobs.
I love the fact that we are going to hire more part-time workers though, that is fantastic as the BLS can remove another 14,000 people from the employment pool. Maybe the government should just hire 100,000 part-time employees every month, that will cure the problem of unemployment the old fashioned way, they will lie their way out of it. On the real Brightside, construction jobs and more police officers are a good thing, honestly. Perhaps they should spend more money in that area, as long as they don’t dump the cost on municipalities later on and provide federal grants forever for their expense.
There is no question that the Federal government needs to do all it can to spur job creation, but my issue is that they simply do not know what they are doing and this is all for show. Not to mention that for all the bragging about the original stimulus working and “saving or creating 600K to 1M jobs” this is just proof that we experienced one big waste of money. For proof of this all I need to say is ‘monorail,’ yes a monorail from Southern California to Las Vegas was part of the original stimulus package, this is straight out of the Simpson’s, but unlike the Simpson’s this is no laughing matter.
The other major issue is the fact that clearly Congress is not buying the BLS’s employment figures either. If they did they would not have passed the unemployment benefit extension or this latest pork barrel spending bill. Evidence of the understatement of employment is plentiful from the ADP, ISM and weekly claims reports to the BLS’s own admission that they will have to adjust the unemployment figures for 1009 by about 800K in February of 2010. Even Zero Hedge, who I disagree with on many issues, just did an excellent post on how the Treasuries own numbers show that there is the potential that the government is underreporting the unemployment figure by as much as 32%, based on the gross amount of benefits paid versus the actual reported number of unemployed.
Of course, this discrepancy could be from the increase in benefits that Obama and Congress gave to the unemployed with the stimulus bill. It could also be because of the fact that the extension of benefits brought many people back on the unemployment rolls on the Federal level, but not on the state level keeping the official level down, I love how the EUC benefits work now. We simply just do not know how the gross number works because Treasury does not tell us and they operate in a very opaque way, I hope this changes, but I am sure it won’t. I do believe unemployment is being underreported, by how much I have no idea, but there is certainly plenty of room for speculation. Regardless, a headline stating ‘the government underreports unemployment by 32%” is sure to grab readers, whether it is true or not, well, that’s a different story.
What we do know is that unemployment is a huge problem and there is simply no way of believing the problem is getting better when credit for business remains tight. Hiring is simply not happening based on the data available, but the firings do appear to be slowing. What I do not like is that even during the holiday season we are still getting initial claims well over 400K, that is not a good sign. As I have stated earlier, employers try not to let people go over the holidays because they do not want to be a Scrooge. The worst part is that now the holidays are over and the after Christmas sales are going to be coming to an end, remember all those part-time workers? I bet you they are going to be gone very soon and the inventory build is also almost complete. In other words, employment may actually get a bit worse again.
On the bright side, we are going to get a great GDP report soon, until it gets revised down to nothing like 3Q09 did. I am also sure we will get another fabulous employment report on Friday as well, whether it is believable or not will be another story. If the BLS takes out another 100K people out of the workforce maybe we will get unemployment below 10%, but do any of you really believe 100K people a month are really leaving the workforce? There is only one reason to reduce the workforce, mathematically, like that, to lower the unemployment number. It is like the birth/death model the BLS uses, do you really believe that 130-200K people a month were starting their own businesses during the peak of the credit crisis when there was no credit available, to anyone other than Uncle Sam? Well, that is what the BLS said happened and that should be reason enough to not trust government numbers.
The other tell that things are not getting better is the fact that the government is spending another $174B in a jobs bill. This goes against very argument that the V shaped economists and pundits have been telling us is in the works. Not only does this fly in their face, but also in the face of Obama and Joe Biden as well as they told us that the stimulus was a stunning success and we are on the road to recovery. Yet, all we keep hearing about is more jobs bills and extended unemployment benefits, the real kicker is 1 out of every 10 of Americans is on food stamps, go figure.
I want things to get better, everyone wants things to get better, but the issue is no one is being straight with the people and why should they be? Unlike the 1930’s the truth can be hidden. There are no soup lines because we have food stamps. There are less homeless because we have public housing. We have unemployment insurance and a host of other social safety nets to mask what is really happening. All we really see are figures on paper and the occasional rally on Washington, not what is really happening and the media questions nothing. Regardless, we have another jobs bill to help wallpaper over our major problems and propel the myth that the ‘road to recovery’ is just fine. Maybe it is, but I just do not see it.
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