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Thursday, July 10, 2008

McCain & Gramm: Recession is Psychological

John McCain has tried to distance himself from statements by his top Economic Adviser Phil Gramm in which Gramm stated our recession was really a "mental recession" and that we'd become a "nation of whiners."

Too bad for McCain, the tape doesn't lie. Here now, is the Jed Report, with proof that yes, McCain does in fact agree with Gramm that our economic problems are just a mass delusion suffered by the American public.


Gramm is standing by his comments that we're a nation of whiners, but now tries to claim that he was talking about our leaders being whiners (he being chief among them). From CNN:

Gramm said he was not trying to insult the country's people.

"The whiners are the leaders. Hell, the American people are victims, but it didn't quite come out that way in the story," Gramm said.

These national and congressional leaders "blame speculators and oil companies for our problems, instead of presenting concrete programs for using energy more efficiently, or leaders who don't think we can compete with Mexico."

"What we need is more leadership and less whining," he added.

But he stood by his assessment that the country was in a "mental recession."

"I said we are in a mental recession. We keep getting the steady drumbeat of bad news ... it's become a mental recession," said Gramm. "We don't have measured negative growth. That's a fact, that's not a commentary."

The key point here is the "steady drumbeat of bad news." Gramm acts like it's a figment of the media's imagination. It may not be an official recession but the economy has slowed to a crawl. I'm not spending less at Target because I "think" there's less money to go around. I'm spending no money at Target because it's all gone! Where? On some extravagant shopping spree? Hardly. How about $200 a week on groceries for a family of three, $80 a week on gasoline for two cars that hold less than 12 gallons each. It isn't a steady drumbeat of bad news it's a damn deluge.

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