Yes, the economy is in bad shape. That's a fact. Jobs are a problem, corporate earnings are a problem, and investment performance is more dismal than an economist convention.
But when time comes to batten down the hatches, there are backstops in this economy. Wal*Mart gives 290m to charity annually. Americans, especially the wealthy, are very philanthropic.
But they're nowhere close to the generosity of our Federal Government. Our spending in Iraq is legendary.
Besides, America isn't poor. See the picture. We've got so far to go before we're considered poor as superpowers go that it's laughable. The size and strength of the US economy should not be underestimated.
We're a long way off before words of suffering become truly credible. There are people who are not participating in the American dream. There are people who are barely holding on. But for the most part, there are e-populists arguing on broadband connections in air-conditioned rooms. I'd suggest those people re-read The Grapes of Wrath in the coming days and realize just how far we are from that scenario.
Picture taken from censusscope.org.
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