The economic recovery isn’t going well in a number of respects, according to Reason’s Tim Cavanaugh. Americans are earning less (after taxes and inflation) and spending more. So borrowing has increased and saving has collapsed. The cheerleaders for the Obama administration and the Bernanke Fed at CNN think this is good news.
Of course it is. Any farmer will tell you that the way to ensure bigger harvests in the future is to eat some of your seed corn.