What’s wrong with this picture?
Jonathan Chait on our Alice in Wonderland world in which Obama and the Dems bailed out Big Business interests that are now backing Republicans, while the income gap between the uber-rich and the rest grows. His aptly-titled post is “What does it profit a man.”
Let’s sum up the economic situation. Unemployment is high, and average Americans are in a desperate, fearful situation. Meanwhile, corporate profits are at record levels:
Profits have surged 62 percent from the start of 2009 to mid-2010, according to the Commerce Department. That is faster than any other year and a half in the Fabulous ’50s, the Go-Go ’60s or the booms under Presidents Ronald Reagan and Bill Clinton.
Meanwhile, the most popular analysis of our economic troubles — not just among furious, self-interested business tycoons but more moderate elements of the political elite as well — holds that the primary problem is that the Obama administration is too hostile to business. It’s quite remarkable.
Meanwhile, the Democrats have the worst of both worlds. A top-heavy economy is causing them massive grief among suffering voters, and the only people who are actually doing well are lambasting them as socialists.