But I like Kevin Drum's simple formula for our present circumstances in America's Crumbling Paradise...
"I know this is too simplistic to be taken seriously, but here's my version of what happened over the past few decades:
- The economy grew just fine, but rich people got most of the money.
- They couldn't spend it all, and investment opportunities were limited, so they ended up loaning it out to the middle class in increasingly baroque ways.
- That worked fine until it didn't."
