I try to leave the longer things for weekends, to keep you out of trouble. With nothing to do, you could be led astray in so many ways; but with Jeremy Grantham’s brilliant The Race Of Our Lives, you will be enlightened, and perhaps spared a bad sunburn, poison ivy, getting lost in the woods, Lyme tick disease, lake leaches, sand-shark bites, a mountain bike accident — really, it’s safer just to stay home. (My motto: if it’s not paved, it’s not safe.) Though you may feel the need to go out for a drink afterward.
But just before you settle in with Jeremy . . . did you know all this about Brett Kavanaugh? I didn’t. And it’s only 90 seconds.
And could we please frame today’s economy as, a continuation of the Obama economy that was SO strong, even Trump hasn’t killed it yet?
As noted by “the resistance” . . .
- The unemployment rate dropped two-thirds of one percent each year under President Obama, but just one-third of one percent each year under Trump.
- Inflation-adjusted wages went up one-quarter of one percent each year under President Obama, and have DECLINED by one-quarter of one percent each year under Trump.
- The average price of gasoline in President Obama’s last year in office was $2.14 per gallon; under Trump, at $2.87, it’s up 34%.
- President Obama inherited the worst economic crisis since the Great Depression. Trump inherited the Obama Recovery.
And of course inequality just grows. Per the Washington Post: CEOs of America’s biggest companies saw their average annual pay surge to $18.9 million in 2017 — up 18%, even as real average hourly earnings for all employees decreased 0.2 percent from July 2017 to July 2018.
But now read Jeremy Grantham and stay indoors, where it’s safe.
Have a great weekend.
[Email subscribers: sorry I missed the deadline for this to go out last night.]
Quote of the Day
In 1992, more was spent on legal fees in California [$16.3 billion] than on auto repairs, funerals, tanning salons, one-hour photo finishing, videotape rentals, detectives and armored car guards, bug exterminators, laundry, haircuts, day care, shoe repairs and septic tank cleaning combined.~Census Bureau survey, as reported in the LA Times
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