Yet even as vital signs weaken — plunging home sales, a bleak job market and, on Friday, confirmation that the quarterly rate of economic growth had slowed, to 1.6 percent — a sense has taken hold that government policy makers cannot deliver meaningful intervention. That is because nearly any proposed curative could risk adding to the national debt — a political nonstarter.
Translation: The overclass, as always, prefers Great Depression to a pro-labor shift in the distribution of power. This society remains entirely capable of employing all its able-bodied workers and thereby ending the present economic cliffwalk. What it lacks is a left coherent enough to demand what the elite won’t mention.