How Can We Fix The Economy?

Aug 24 2011 @ 1:19pm

by Patrick Appel

TNR is holding a symposium on the state of the economy and what can be done about it. Here's Richard Posner, who sees no viable way forward. Stephen Rose is upbeat in comparison:

The economic pain is real, but not as widespread as many believe. The maximum fall in real GDP per person was just 6.3 percent, while median income fell by just 4.4 percent. Certainly, America has too many people living at or near the poverty level. Yet, there has been relatively little increase in these numbers: According to the latest Census report on incomes in 2009, the share of the population in poverty and the share of the population below twice the poverty line have each gone up by just two percentage points since 2007. This is also reflected in the share of people describing themselves as “poor” or “lower middle class” in various Pew polls, which has also increased by just 2 percentage points (from 26 to 28 percent)