Winning the wrong game

“We have a forest fire and are borrowing trillions from future generations to Venmo people sitting at home as the inferno in their neighbour's yard rages. Personal income was 7.3% higher in Q2 versus Q1 because of stimulus payments and extra unemployment benefits. The personal savings rate hit a historic 33% in April, the highest by far since the department started tracking in the 1960s. Do the 89% of people who still have their job need additional stimulus? It appears, as is the case the last several decades, that the only bipartisan action is reckless spending that flattens the curve for rich people while throwing some funds at the neediest for optics. “And the enemy marches on. “Donald Trump was right, the wars in Iraq and Afghanistan were mistakes. Mistakes that cost us almost 7,000 American souls, 208,102 Iraqi and 111,000 Afghan civilian lives, and $1.9 trillion (inflation adjusted). But Covid-19 will register an even greater toll of American blood and treasure. The response to the novel coronavirus would have been swifter and more disciplined if the pathogen had brown skin and worshipped a different god. Americans can’t seem to wrap their head around an enemy 10,000 times smaller than the width of human hair.” - Scott Galloway, The Great Distancing.

24 August 2020