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<blockquote data-quote="Babagounj" data-source="post: 1397752" data-attributes="member: 12952">Brad DeLong, one of the most prestigious Keynesians, a professor at Berkeley and former deputy assistant secretary of the Treasury under Clinton, says , <a href="http://www.project-syndicate.org/commentary/j--bradford-delong-argues-that-it-is-time-to-call-what-is-happening-in-europe-and-the-us-by-its-true-name" target="_blank">It really is a depression</a>.U.S. Household Net Worth 2007- 2013Top 1% Up 1.9%Next 9 % Up 3.4%Next 15% Down 0.5%Next 25% Down 16.7%Bottom 50% Down 44.2%None of the economic statistics we get from the government are reliable. Inflation is understated. Economic growth is overstated. Unemployment is understated. But this chart of net worth is about as reliable as we can expect to get.It tells the story of a middle class in the process of being destroyed and of poor people who will never be able to get into it. It is also noteworthy that the nine percent below the top one percent have done best of all. Although a great many government employee households are in the top one percent, a larger number are in the next nine percent.<a href="https://www.againstcronycapitalism.org/2014/09/leading-keynesian-economist-uses-the-d-word/" target="_blank">https://www.againstcronycapitalism.org/2014/09/leading-keynesian-economist-uses-the-d-word/</a></blockquote>

[QUOTE="Babagounj, post: 1397752, member: 12952"] Brad DeLong, one of the most prestigious Keynesians, a professor at Berkeley and former deputy assistant secretary of the Treasury under Clinton, says , [URL='http://www.project-syndicate.org/commentary/j--bradford-delong-argues-that-it-is-time-to-call-what-is-happening-in-europe-and-the-us-by-its-true-name']It really is a depression[/URL]. [B]U.S. Household Net Worth 2007- 2013[/B] Top 1% Up 1.9% Next 9 % Up 3.4% Next 15% Down 0.5% Next 25% Down 16.7% Bottom 50% Down 44.2% None of the economic statistics we get from the government are reliable. Inflation is understated. Economic growth is overstated. Unemployment is understated. But this chart of net worth is about as reliable as we can expect to get. It tells the story of a middle class in the process of being destroyed and of poor people who will never be able to get into it. It is also noteworthy that the nine percent below the top one percent have done best of all. Although a great many government employee households are in the top one percent, a larger number are in the next nine percent. [url]https://www.againstcronycapitalism.org/2014/09/leading-keynesian-economist-uses-the-d-word/[/url] [/QUOTE]

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