David Brooks, the conservative columnist writing for the New York Times, forecasts a gloomy future based on the Obama Administration’s model for economic recovery. I don’t subscribe to all his precepts but his column (http://NYTimes.com/2009/02/13/opinion/13Brooks/ is poignant in one crucial aspect.
That is the economic models for recovery do not take into consideration the public psyche. Brooks contends the culture of borrowing as a result of easy credit is over. Burned badly, the public has retrenched and turned to spending only for critical needs and rediscovered the lost habit of saving.
What do you think?
Cross posted on The Remmers Report
Jerry Remmers worked 26 years in the newspaper business. His last 23 years was with the Evening Tribune in San Diego where assignments included reporter, assistant city editor, county and politics editor.