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Ben Stein's Diary
Scary and Sad
There’s snow in the economic forecast.
(Page 2 of 2)
Despite our fiscal problems, U.S. sovereign debt is still what the whole world wants. This is a good sign.
China has slowed markedly and will probably have a property crash. But the Chinese government is extremely flush and has shown considerable ability to withstand shocks to the economy and pump it back up.
The typical course of a recovery is that it comes when things look bleakest. That may not be true this time, but saying, “It’s different this time,” is usually wrong.
That being said, I am worried and genuinely afraid for the future of this country. And, yes, although payouts are low, people must have them, and must have cash.
We lack inspiring or even intelligent leadership. This genuinely frightens me. We are a great nation, now being led by punks. Europe is far, far worse. They seem to have zero idea that a major crash anywhere in the Eurozone will lead to bank failures and then to wild political upheavals. That’s how we got Nazi rule in Germany. Terrible economic conditions caused by monetary crises caused by failures of international co-operation…and unemployment disaster in Germany after the bank failures and then Hitler to “fix things.” Can it happen again? Why not? People are still people and respond with rage and fear to suffering and uncertainty.
It is scary and it’s sad.
That’s what I wrote to my dear friend. In the meantime, I wonder who Mr. Obama is listening to about the economy. He seems out there in outer space campaign land by himself. Who is advising him? That’s a question John Coyne posed some time ago and it’s a good question. And, as my pal Phil DeMuth said two days ago, “Didn’t Ben Bernanke promise to throw money out of helicopters if things got really bad? What is he waiting for?”
Scary and sad.
About the Author
Ben Stein is a writer, actor, economist, and lawyer living in Beverly Hills and Malibu. He writes “Ben Stein’s Diary” for every issue of The American Spectator.
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Brooksifier | 6.27.12 @ 6:45AM
"There's snow in the economic forecast."
DUH.
Ever hear of creative destruction? probably more destruction than creativity, though.
Appleby| 6.27.12 @ 6:53AM
Yes, bad times continue to roll. Happy are those of us who had Depression Baby parents who taught us how to scrape a living on a rock! People like Ben Stein are in worse shape than we are, because it takes such a small shift in the world to send them into a tailspin.
Brooksifier | 6.27.12 @ 5:16PM
Depression Baby parents set up the welfare state in the '30s.
Ken (Old Texican)| 6.27.12 @ 7:48AM
"You cannot enslave a free man...you can only kill him." Robert Heinlein.
Ben, can you still shoulder a rifle?
Occam's Tool| 6.27.12 @ 10:54AM
92% of Americans are not working, Ben. Some have given up. Actual unemployment rate is in mid teens. Great time to raise taxes on entrepeneurs, according to the Stein model.
Germany has just banned circumcision.
RCV| 6.27.12 @ 11:23AM
The German regional court decision is unlikely to stand. Ironically, it arises out of a badly botched Islamic circumcision.
Occam's Tool| 6.27.12 @ 2:25PM
I agree, RCV. It's just interesting watching the "gnurrs come from the voodwork out" in the commentary on the decision.
By the way, if Romney wins, I want you buying a steak on me for you and your wife (or SO), with photo of the steak sent to Ken. :) That'll do.
JimH| 6.27.12 @ 3:19PM
Not just a member of the MMMS a Papa Schimmelhorn fan too. Despite some differences of opinion we at least seem to have grown up with the same taste in literature.
R Martin| 6.27.12 @ 7:50AM
Throwing money out of helicopters will do no good. Germany tried that, too, remember.
Economic recoveries are business led, not government led. Business recoveries require conditions which entrepreneurs and business managers find conducive to investment, expansion and hiring increases. Those conditions require reasonable certainty over the rules of the game, minimal government regulation, non confiscatory tax rates and a strong dollar.
It’s not that hard but, unfortunately, those conditions are all influenced by government, and government is the people holding elected office. Until the right people are in place Mr. Stein is justified in feeling frightened and sad.
Pecos Pete| 6.27.12 @ 7:57AM
Mr. Stein: You forgot that tomorrow (Thursday) the Supreme Court will pass down their decision on ObamaCare. Regardless of how they rule, the results will be highly damaging. If ObamaCare is dismantled the progressives (and trolls) will have heart attacks and the MSM will declare the world has come to an end. If ObamaCare is left standing, then businesses will terminate their employee health care plans, Catholic hospitals will start closing and the progressives will have orgasms of happiness. Then the stuff hits the fan.
You are correct in that the USA has an infinite economic vitality. But, that vitality can be, and is being, sapped by Obama and his ludicrous policies, regulations and executive orders. The only solution will be to elect Romney and send this disaster of a president off to his unearned retirement.
ggoblue| 6.27.12 @ 7:58AM
now that we are no longer a nation of laws......under the next president we can occupy planned parenthood and ignore the access to abortion legislation!
not that we would...our side brings a bb gun to politics. their side brings a howitzer.
Hardcard| 6.27.12 @ 8:04AM
Thanks for sharing Ben. Please take a nap. Does Bob pay you for this stuff?
Stilton A. Cheese| 6.27.12 @ 8:42AM
“We can’t afford what we’re doing as a nation. But you can’t do it with a guy whose entire existence was making speeches. And Obama, by the way, is only doing what he was trained to do, which is go around and make speeches. He was a community activist; what the hell do they do? We’ve taken a guy with zero experience and given him the most complicated, challenging job in the world, and guess what he’s doing? He’s doing what he’s most capable of doing; wandering around making speeches.”
Kenneth Langone on the subject of the jobs, economy, and debt speaking on CNBC’s Squawkbox, 16 May, 2012
Bob Grant| 6.27.12 @ 9:02AM
Snow in the forecast indeed,
And Mr. Stein will lament the demise of the common man at the Banff Ski Resort in Canada.
Bill84728| 6.27.12 @ 9:08AM
What are the "social media" that we can have bubbles in?
What about the fact that, after nearly four years of recession, many people have used up their saved assets and are approaching poverty? There's nothing that I can see to keep the average person from falling into an abyss of the 1932 variety within the next year or two.
Bob Grant| 6.27.12 @ 9:14AM
Face it.
This IS 1936 all over again!
R Martin| 6.27.12 @ 9:24AM
No, Bill, the average person can vote himself out of that abyss--if he'll only use a bit of God-given common sense. Admittedly, that is not assured given recent voter support for two of the biggest abyss diggers--Rangel and Hatch--but it is still possible if conservative candidates can wage a campaign of education and alternatives.
David T| 6.27.12 @ 10:17AM
Ben--Obama doesn't need advisors. He can do every job better than the people he hires to do them. He's a better speechwriter than his speechwriters and he knows more about policy than his policy directors.
LeoInTheWoods| 6.27.12 @ 10:42AM
"Can it happen again? Why not? People are still people and respond with rage and fear to suffering and uncertainty."
...and, they are no less anti-semitic today, either.
Occam's Tool| 6.27.12 @ 2:23PM
Leo: Yup.
Occam's Tool| 6.27.12 @ 10:58AM
By the way, a simple way out:
1) Cut tax RATES by 10%; eliminate Capital Gains taxes, dividend taxes, death taxes. This will result in HIGHER government INCOME by algebra. (See government income under Carter and Reagan)
2) Cut all Federal spending that doesn't meet the "shoot grandma test." Start with the NEA, PBS, Cowboy Poetry, etc., and go from there, except defense.
3) Nuke Teheran. This will "encourage the others" to behave.
That's all.
Tom Kyba| 6.27.12 @ 12:36PM
Just relax folks, if Purp doesn't have a problem with the economy, that means everything is fine. All is well. What, your friends are out of work? That will teach them to work in the private sector. No economic problems in the government sector.
Norm | 6.27.12 @ 12:38PM
I've watched Presidents from Eisenhower to Obama and I've never seen, until now, a man any more the representation of "the little boy lost" syndrome. He doesn't have within him enough spine to carry the jock of a Jimmy Carter, to say nothing of a Ronald Reagan or an Ike.
One day we will look back, if history is written honestly, and realize we were in the hands of a of a shallow charlatan. My grandchildren and great-grandchildren will pay the price for his follies.
Ian Cognito| 6.27.12 @ 1:27PM
Ben, I love your articles, but sometimes your data are flawed or too trusting. The employment numbers - 92%???! Have you heard the BLS isn't counting the unemployed who exhaust their benefits. Those who are working part-time - but need full time to support a family - aren't counted either. The BLS reports over 15% in their U-6 report that does include the groups above; but not all those unemployed. That's an 85% employment rate - being generous. I recommend Shadow Stats for a clearer view of the BLS and other agency stats. They show unemployment over 20% . What, exactly, is a depression level unemployment rate? I'll wager the unemployed think like Reagan - "When your neighbor loses his jobs, that's a recession. When you lose your job, that's a depression."
ansonheath| 6.27.12 @ 2:23PM
Ben, I'm in Sandpoint now, but in case I don't run into you in the next few days and ask you personally this question: Why do you and many in the media fail to see that Obama and his administration are not clueless, but purposefully taking us down and remaking America?
Cobalt| 6.27.12 @ 8:07PM
As has been stated many times before, Obama's election was a triumph of style over substance.
Where is the substance?
Hopefully, Obama's archetype is wearing thin with the Independent voters, and November will be an unpleasant month for him. Perhaps he should try to channel Cark Jung, and come up with something else.
Cobalt| 6.27.12 @ 10:25PM
"Carl Jung"
Pierre Montagne| 6.29.12 @ 2:41PM
It is nice to see an encouraging comentary but it seems almost extreme?
92 % employed means only 8 percent unemployed- it sounds like Democrat optomism? It neglects the millions who have exhuasted their UI and have dissappeared as a statistic.
Ben you should have also said "Hurrah for Food Stamps there appears to be no end to their availability"!
Or would that be to supportive of the DC mandate for progressivism and change?
:) :) :)