What Dr. Paul Gets…But DC Elites Don’t

October 20, 2007

Call It What You Want; We’re Suffering Economically

Posted by Casey Khan at October 20, 2007 09:01 AM
Back during the Republican economics debate, George Mason economist Russell Roberts opined the following:

“Ron Paul thinks we’re in a recession at a time when unemployment is under 5 percent and blames it on monetary policy. This resonates with people who are scared and confused. I’m neither, so I’m not sure what he’s talking about.”

Of course Paul has pointed out what the DC elites know nothing about, nor do they care what is happening to the American middle to lower classes out in flyover country. When you’re making six figure plus salaries, without large families, children, or elderly to care for, you will have no idea what Ron Paul is talking about. While the official government statistics says there is GDP growth, low unemployment, and little to no inflation, the reality on the ground is much different. I think recession is a fair characterization in pointing out that America’s standard of living is in a free fall. Milk prices alone have doubled over the last year. Wheat is skyrocketing. Yesterday crude oil topped out at $90 a barrel. As such, oil based products like laundry detergent are seeing price increases as well. For the first time in years, donating one can of food to the local church food pantry will be a significant donation as these organizations are starting to see shortages. All of these price increases stem from a major problem, the currently rapidly depreciating dollar. Ron Paul is merely enunciating the substantial factor in the decline America’s standard of living. What oil traders in the NYMEX pits know and the average American feels, is over the head of DC economists.

Is this a recession? What ever it is, it hurts and will continue to do so if we don’t amend our ways.

Source:  Lew Rockwell Blog


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