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Who gets caught with the Old Maid?


Dr. Evil's column, not important other than the initial statement of fact- "the GOP preached fiscal austerity when the economy needed stimulus and now turns to fiscal profligacy when it doesn't."


The good news is that, for now, the stealth Keynesianism/Lafferism is a fair buffer against a recession, assuming that something like a major market meltdown doesn't happen here or elsewhere- an exogenous event.


But.....the greater question comes into play in the intermediate term- options for responding to the next downturn with either fiscal or monetary policy. We'll probably get past the midterms before that becomes an issue, and maybe the 2020 election. But somebody is going to be stuck dealing with it.


When it comes, don't expect anyone to budge an inch as far as shouldering responsibility or casting blame, which will only make it worse.


It is time for individuals to be on the financial defensive, for some considerable period of time. The crisis will be entirely political and of our own making but it will still be a crisis.