Last night, Australian time, US Treasury Secretary Jack Lew gave a speech where he openly welcomed the fact that the US economic growth momentum was "gaining traction". It was an optimistic outlook for the US which is only now genuinely emerging from the Great Recession of 2007-2009 which was brought on by a collapse in banking, insurance and the housing market.Read more at The Kouk.
In looking at the challenges ahead Lew noted, in comments oozing decency and empathy, that for the many people who were unemployed and those whose wages have stagnated, "this hardly feels like a recovery".
"The ultimate test for all of us will be how inclusive tomorrow's economy becomes and how widely our economic gains flow," he said. "The crisis we face today is the need to make sure the economy is expanding fast enough to support a growing middle class."
At about the same time Lew was discussing these issues of a stronger economy and fairness and equity, Australian Treasurer Joe Hockey delivered a speech which could not have been more at odds with Jack Lew's themes. Indeed, Mr Hockey's speech could have been penned by the US Tea Party fringe given its assault on equity and the contempt he showed for the less well off in society.
Tuesday, 17 June 2014
Joe Hockey's Tea Party Rant
On 12 June, Stephen "The Kouk" Koukoulas wrote: