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Opinion: How can the economy be doing well if people are forced to work two jobs?


The July 23 opinion page of The Herald News contained an article by Charles C. W. Cooke headlined “Democrats’ spending plans don’t show any signs of sanity.” Such a strong assertion deserves a response.

The basic concern expressed in the article is for deficit spending and the prospect of serious inflation. There is no doubt that we will have the predicted inflation. That’s Economics 101. No argument. There is also no argument that inflation is undesirable.

The people most hurt by inflation are those who have dollar-denominated investments. Their savings will buy less as time goes by. If your old-age benefits go up 1% each year, but the cost of living goes up 3%, you are paying a hidden tax because of inflation. Wealthy people don’t have lots of cash. They own property, which increases in value with inflation. They are protected.

Cooke is not concerned with the effect of inflation on the working man. A tax reduction for corporations would not provoke a similar article. He is waving a tired old Republican flag, rather than addressing other much more serious problems. It’s an old trick, a diversion that we shouldn’t fall for.

Consider the assertion that the economy is doing well. It […]

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