mortgaged10 Nov 2003
Damn, I think Bob Herbert one-upped Krugman, on the economy no less, in his NYT op-ed today, addressing the growing culture of debt:
Borrowing, whether by the federal government or individual consumers, has become the preferred (perhaps only) way to make ends meet. What’s been driving this so-called red-hot economy is not the solid growth in jobs and wages that is essential for a flourishing middle class, but an orgy of refinancing and an irresponsible mixture of tax cuts and federal spending that is creating monster deficits. In short, we’re mortgaging the nation’s future.
Not that Krugman hasn’t been a broken record on this front, but Herbert does a good job here with some eloquent and forceful phrasing.