The editorial staff at the New York times has fallen sick. Its the only way to explain how this opinion piece got published. The authors argue compellingly that the poor in America have not gotten poorer over time, but in fact have become much wealthier thanks to international free markets. Capitalism, is there anything it can’t do?

Thus there is a certain perversity to suggestions that the proper reaction to a potential recession is to enact protectionist measures. While foreign competition may have eroded some American workers’ incomes, looking at consumption broadens our perspective. Simply put, the poor are less poor. Globalization extends and deepens a capitalist system that has for generations been lifting American living standards — for high-income households, of course, but for low-income ones as well.

Heads are going to roll at the New York times on Monday.

This entry was posted on Sunday, February 10th, 2008 at 5:50 pm and is filed under Capitalism. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.