Tuesday, September 16, 2008

McCain's Economy, Part II

So you still think McCain is the better choice, even with all the economic disaster stories piling up? Do you really want to give a third term to the same party that did this:

Wholesale inflation has soared 9.8% in the past 12 months, the highest clip since 1981. The more widely cited consumer price index jumped to 5.6%. In other words, while your saved buck was adding 2 cents or so on one end (and even less after taxes), three times as much was getting singed off the other end of that dollar bill. "Inflation is just deadly to savings," says David Gitlitz, chief economist at TrendMacrolytics, an investment adviser. Gitlitz observes that, taking into account the hit from inflation, rates haven't been this negative since the dreary 1970s. Full article here.

Folks, this is bad. We're back in Carter-Land.

Are you getting up extra early to make sure your AIG insurance is still valid? I know it crossed my mind about four times today.

Most interesting to me is the preponderance of Ron Paul supporters in the comments section of that article.

1 comment:

Redditon Ablogyo said...

Come on, it's disingenuous to tie this to McCain. It's a mess, but it's not McCain's fault, and even Bush has limited culpability. Even if leadership wanted financial markets reform, there was no political will.

Democrats scare me on economics because their rhetoric focuses on fairness, not advancement. The Left's criticism has been that Hedgies were making too much and paying only LT Cap Gains on it. I have not heard either party on these issues in the absence of a crisis.