The American economy is running on empty. That’s the hypothesis put forward by Robert J. Gordon, an economist at Northwestern University. Let’s assume for a moment that he’s right. The political consequences would be enormous. …
For Obama, the argument that the America has run out of string is politically untouchable. In the case of Romney and the Republican Party, something very different appears to be taking place. …
What really lies underneath the ferocity with which the right currently fights for regressive tax and spending policies is a deeply pessimistic vision premised on a future of hard times. [cont.]
Thomas Edsall, Columbia U. (NYT)