The incompetent economist

The great American political debate is all about new jobs and everyone would love to see a leap forward in GDP, yet everyone, including the so-called “economists” have forgotten that Americans have been steadily deleveraging since the latest financial crisis.

Back in the mid-2000, the same economists were lamenting that Americans were not saving enough and now that they've been force to do it, our GDP growth isn't nearly as robust as everyone would like it to be. Yet, with consumption that account for 70% of that same GDP, what else can you expect?

If people save more it's got to hurt GDP numbers. Ending any kind of dependance isn't without any suffering; for years, we've added credit to religion as our Nationwide daily dose of “opium.” For every action, there's a reaction and there's no way around this arithmetic truth.

This said, I hear not one single economist acknowledge this basic reality. Talk about a bunch of incompetent intellectuals!