President Trump came in for much jeering when he told reporters he had “inherited a mess” from President Barack Obama. On the economy, though, Obama did indeed leave behind a hidden mess: a seemingly healthy jobs market dependent on cheap debt.
When this debt bubble bursts, just as the last one did, the manufacturing jobs Trump wants to save will be in even greater peril.
The country’s last bubble was in housing. Between 2000 and 2007, Americans nearly doubled their mortgage debt, from $5.9 trillion to $10.6 trillion.
This didn’t bother anyone in a position of power. The housing boom created millions of jobs, from construction to home-furnishing, and people felt rich.
What bothered the pols was when the illusion broke.
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When it was clear that Obummer won the election in 08, I said to my wife that we will have to endure a few years of malaise under this Marxist elitists. I had no idea how much damage Obummer and the dumbocrats could do to this country.
ReplyDeleteMy children, the end times are near. Obama's puppet masters, the teleprompter controllers, and the liberal deamons are here to take control for the reptilian demon aliens. Obama's reptilian brain chip told him to weaken the country for this momen
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ReplyDeleteSay What?