Still Whining About The Economy?

Then you need to read The Inheritance, an excellent book about how Roosevelt Democrats became Reagan Republicans, and why they're still uncomfortable in the Democratic Party. While this book is more about politics than economics, the story it tells of how the Great Depression affected three middle-class families in New York has lingered with me for the 10 years since I first read it.

My show today was yet another reminder of how prosperous and spoiled we Americans are. When I've got callers complaining that the economy is lousy because of how much it costs to get your kids in Little League, I know we've got it too easy.

Read The Inheritance, and be reminded of what real economic struggle looks like. During the Depression, nobody was poor-mouthing the economy because the housing market was flat. Instead, once-prosperous middle-class families from Manhattan were being evicted from their homes and forced to live in unheated shacks along the Hudson River.

By any standard, our economy today is either good or great. Chances are, if it changes, it will almost certainly change for the worse. For a reminder of how bad "worse" can get, study your history.

Then thank heaven for tax cuts.