The most astonishing and surprising thing I find about Washington DC today is the contrast in mood between DC today and what DC was thinking a generation ago, in 1983, the last time the unemployment rate was kissing 10%. Back then it was a genuine national emergency that unemployment was so high–real policies like massive monetary ease and the eruption of the Reagan deficits were put in place to reduce unemployment quickly, and everybody whose policies wouldn’t have much of an effect on jobs was nevertheless claiming that their projects were the magic unemployment-reducing bullet.
Today…. nobody much in DC seems to care. A decade of widening wealth inequality that has created a chattering class of reporters, pundits, and lobbyists who have no connection with mainstream America?
How many pundits have lost their job since the recession started? Hell, Jim Cramer was the go-to guy for cable news when the market dropped 1,000 points last week.