But Wall Street is not all that matters. A lot of small businessmen and women out here in what you people in Washington sometimes call "flyover country" are and have for some time been (a) desperately anxious about the shortage of demand, (b) somewhat anxious about instability in the tax code, and (c) slightly anxious about what their health-insurance options will be come 2014. Now they are very anxious about (d) the prospect of what they call "a U.S. government bankruptcy" on August 3, 2011. If the people I talk to are in any sense representative, this added risk that they perceive has been a material drag on the U.S. economy this year and will continue to be a material drag until resolved.
Yep.
3 comments:
I think it's time we start referring more directly to Capitol Hill and/or the White House instead of just "the people in Washington" because we'd never collectively say that the people of New York have their heads up their asses when we just meant Wall Street.
As a Washingtonian, let me assure that the only "people in Washington" not as concerned about a U.S. default as the people in "flyover country" are mostly the people working in one of the chambers on Capitol Hill.
hmmm...interesting..
Yup. My wife's small childcare business failed for lack of demand, and now she's a teller at a local branch of one of the major megabanks. She went from making $100K in 2008 to $30K (including benefits) now. What does that say about the new economy?!
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