Pew Research released a survey in which respondents were queried on whether they supported Wisconsin public sector unions or the state's governor, Scott Walker, in the dispute over the collective bargaining rights of the former. Among whites, support for the unions and for Walker are at parity (38% to 36%, respectively). Among non-whites, though, it's a different story. The unions are backed by 51% of non-whites, while only 19% support Walker.
Parenthetically, I was vaguely under the impression that support for unions would mirror their presence in the workforce over time. Consequently, I would've guessed that older folks would be more inclined to back the unions than the twenty-somethings who are having an especially difficult time finding teaching jobs and the like because of union protections that allow existing costly and tenured public sector workers to comfortably remain on their jobs.
Nope. Among those aged 18-29, 46% back the unions compared to only 13% standing behind Walker. For those aged 65 and over, Walker actually wins, 45% to 33%.
In his most recent podcast, the Derb solemnly warned the American public that economic ruin looms unavoidably on the horizon (see item #8):
What is most likely to happen in the near future is that the present feeble recovery will stall and we shall slip into another recession, with the deficit still unsustainably huge. There will then be no prospect of stimulus or bail-outs. The U.S. government will perforce respond to that next recession not by increasing spending, but by cutting it.As someone of a generally optimistic disposition, I want to shrug this sort of disaster auguring off as hyperbolic apocalyptic porn. But that just keeps becoming more and more difficult to do.
That's the right thing to do for long-term improvement; but in the short term, with the debt overhang already humongous, it will leave the economy dead in the water. Even the feeble, unconvincing recovery we've gotten as a result of the last two years' spend-o-rama won't be possible.
In that situation, investor confidence will at last collapse. The markets will dump our sovereign debt, and the only way — absolutely the only way — for the feds to meet their domestic obligations will be by massive and sustained inflation. Your savings will become worthless, a gallon of gasoline will cost $500, and your city police and fire services will be laid off.Bottom line: Get in lots of canned food, bottled water, and ammo. It's going to be very bad. I don't see any way out. This is serious; I'm not kidding.