Today we find that Former Texas republican senator and top economic advisor to McCain serves up a completely clueless assessment of why America’s workforce is struggling…
And yet the Wash Times’ headline of this article is “McCain adviser talks of ‘mental recession'”
“You’ve heard of mental depression; this is a mental recession,” he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. “We may have a recession; we haven’t had one yet.”
“We have sort of become a nation of whiners,” he said. “You just hear this constant whining, complaining about a loss of competitiveness, America in decline” despite a major export boom that is the primary reason that growth continues in the economy, he said.
That “whining” is coming from a workforce who are seeing their workload increase, their productivity increase, but their pay remain stagnant. Meanwhile, this global economy of ours is resulting in higher prices for basic goods like food, gas, utilities, etc.
And yes, our growth has held up, but that’s only because the low value of the dollar increases exports. Again, are workers seeing any of that increased profit? Not a chance. And let’s not even get into the 3 million+ manufacturing jobs we’ve lost in the past 8 years.
So then, maybe Phil Gramm needs to stop whining about people’s perceptions of the economy and start talking to some real people about how their lives are really going, because it’s clear he’s suffering from a “mental recession” of his own.