We live in an age of falsity, in which words have lost their meanings and concepts are reinvented as the situation demands. The United States is in a jobless recovery — even if that phrase largely disappeared from the American lexicon about 2004. Good news somehow must follow from a rising unemployment rate, which itself underrepresents the actual percentage of Americans long out of work.
At the same time, we are supposed to be relieved that we are in a contracting expansion, where fewer goods and services are proof of a resilient economy. In our debt-ridden revival, borrowing $1 trillion each year is evidence that we don’t have a spending problem.
If an unemployment rate of 7.9 percent and the economy shrinking by 0.01 percent a year — with a fifth consecutive $1 trillion annual deficit — are indicators of recovery, what would the old 5 percent unemployment, 4 percent growth in GDP, and $300 billion annual deficits mean? Or do the meaning of words and the nature of “facts” depend on who is in the White House at the time, or rather on whether the president is trying to make us more equal or to enrich the 1 percent?Read the whole thing.