Good news, everybody. The local economy is doing great. From the El Paso Inc.:
What if someone said the U.S. economy is doing fine and the facts show there’s full employment, steady growth and a booming stock market? And El Paso’s economy is “at the front of the line.”
Doesn’t sound right?
That’s what economist Jim Glassman told Chase personnel and business people in El Paso Tuesday.
A former top economist with the Federal Reserve Board and now the managing director and head economist for commercial banking at JP Morgan Chase, Glassman was in El Paso to spread the news that the country is in the third longest expansion in its history – 100 months – and that El Paso is doing great.
“Texas has been at the front of the line in terms of recovery,” Glassman said. “But look at El Paso; you might think it’s sleepy. But El Paso barely felt anything in the recession, and if you compare El Paso with the rest of the state, you’re at the front of the line.”
Well of course El Paso hardly felt anything in the recession. We’re dependent on Fort Bliss, border security, and food stamps. Those sources of income are immune to recession. In fact, Keynsian policy would direct that we increase government spending during a recession. El Paso might do better during a recession than after it.
In a technical sense, the Great Recession ended in 2009. Our population growth rate started falling in 2012.
El Paso’s economy is more than propped up by government spending. El Paso’s economy is addicted to government spending. If we lost Fort Bliss, and border security, and food stamps, and housing subsidies, what would we have?
Our ruling class doesn’t have any plan to save us, so they tell us we’re doing great.
You remember. It’s All Good.