Newspaper article The Topeka Capital-Journal

People, Not Politicians Improve Economies

Newspaper article The Topeka Capital-Journal

People, Not Politicians Improve Economies

Article excerpt

"Neither a borrower nor a lender be; for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry." -- "Hamlet," Act I, Scene III.

STRATFORD-UPON-AVON, England -- William Shakespeare is not known for his economic expertise, but the advice he gives through Polonius in "Hamlet" may be the best counsel ever offered for individuals and governments.

After years of debt and deficit spending, Britain's ruling Conservative Party is crowing about the latest economic figures that show the country has outpaced the developed world in its economic recovery. Reuters reports the International Monetary Fund recently upgraded Britain's projected economic growth this year to 3.2 percent, leading "the world's big rich economies."

In America, the Obama administration is crowing about the creation of 209,000 new nonfarm jobs in July. The July unemployment rate rose slightly to 6.2 percent from June's 6.1 percent, likely because more people stopped looking for work.

The British media have carried stories about the improved economy, but note it hasn't reached average people who continue to feel cramped by the recession's aftermath. These include higher than ever gas prices (roughly $8.50 a gallon), increased costs for food and higher housing prices in larger cities.

The average American household has lost income over the past decade. According to the Russell Sage Foundation, a leading social science research organization, as reported in The New York Times, median annual income declined from nearly $88,000 a decade ago, to just over $56,000 today, a 36 percent decline.

A Daily Mail Online editorial castigated the Labour Party for its heavy-handed criticism of Chancellor of the Exchequer George Osborne's austerity policies, which are demonstrating success.

The Daily Telegraph's assistant editor, Jeremy Warner, wrote a column praising Kansas Gov. Sam Brownback's economic program, which many Democrats and some newspaper editorials have criticized. …

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