Thursday, April 5, 2012

Great Recession Optimism

Art Carden at Forbes (ht Cafe Hayek) says things aren't that bad:
Even though “worst ___________ since the Great Depression” has made the rounds a few times, the sheer economic cataclysm we would have to suffer in order for average people to return to the standards of living of the 1970s—to say nothing of the Great Depression—would be many times more severe than the Great Recession.
Arguing against the notion that capitalism is in crisis, he points to some of the same data that I've pointed to in the past, saying "Real per-capita Gross Domestic Product is a lot higher than it was in 1960, 1970, 1980, 1990, or 2000." He also appeals to observations about technology, including his ability to write the article on a plane, the near-ubiquity of smartphones, and even Robert Reich saying things aren't getting better in a Youtube video.

Carden's message that things are pretty good despite the cries of a "crisis of capitalism" reminded me of this bit on Conan where Louis C.K. says basically the same thing: "Everything is amazing right now and nobody's happy."

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