David Stockman On The Mythical Productivity Miracle
As I have noted on here before, I actually like David Stockman. Mostly because he told Ronald Reagan his economic policy was bullshit. About the only thing I can say that I disagree with in his economic analysis is the mythical characterization of the good ole days of corporate capitalism. There is no such thing. This system has always been busy exploiting someone. Always. But most everything else I really can’t find much of anything we disagree on.
A few weeks ago in my financial engineering post I mocked the mythical productivity propaganda that is spewed regularly in this nation. And as I noted in the comments section on one of the sites my blog feeds, if the U.S. economy is so productive, then why does Apple and thousands of other companies choose to manufacture nothing here. I have a lot more detail to share about this topic. Just not right now.
In the mean time I would highly recommend an excellent post by David Stockman today where he pulls apart some of the state propaganda regarding mythical productivity nonsense. It is a very worthy read.