July 11, 2008

Mental Recession?

Posted in Politics tagged , , at 5:14 pm by Katharine Lackey

If you haven’t heard about the remarks Phil Gramm, a McCain adviser, made to The Washington Times, well here you go:

“You’ve heard of mental depression; this is a mental recession,” he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. “We may have a recession; we haven’t had one yet.”

“We have sort of become a nation of whiners,” he said. “You just hear this constant whining, complaining about a loss of competitiveness, America in decline” despite a major export boom that is the primary reason that growth continues in the economy, he said.

“We’ve never been more dominant; we’ve never had more natural advantages than we have today,” he said. “We have benefited greatly” from the globalization of the economy in the last 30 years.

Really? Where is there growth in the economy? Where is there an export boom? Where are all these advantages? Maybe Gramm’s in a state of denial, a mental condition.

McCain’s campaign quickly released a statement saying that it did not agree with Gramm’s assessment, but you would think they’d keep a tighter lease on the guy in the first place.


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