More Stupid Things Economists Say

So I'm reading an article in this morning's New York Times (July 23, 2006) about the shrinking middle class in many of the larger cities in the United States. The article talks about the trend in many cities to bifurcate economically between the rich and the poor with the middle class being squeezed out. Though the impact of this on the cities in general is not known, many economists see it as potentially damaging since it reduces the advancement opportunities for middle and lower class workers who traditionally had access to the next rung on the economic ladder.

It also points out that in many cases this can cause hardship for traditionally middle class workers such as municipal employees (firefighters and police officers). It is at this point in the article that I read one of the most classist, biased, insensitive and stupid comments from a senior-level economists that I have ever seen. According to W. Michael Cox, chief economist of the Federal Reserve Bank of Dallas, Firefighters who want to live in high-priced cities can work two jobs. "I think it's great, it gives you portfolio diversification in your income." Are you F#*&@ing kidding me! (and I understand what the term "portfolio diversification in your income" means)

These municipal employees are some of the most important people we have in our communities. They save lives, fight crime and educate our children, yet this BOZO thinks they should be so dedicated that they go out and get a second job just to have the privilege of serving the community and living in an expensive town. Apparently Mr. Cox has never been in a job that requires you to work well over eight hours a day, doing something that is both physically and mentally demanding. For the vast majority of these people, a second job is simply not an option.

Unfortunately, I don't believe that Mr. Cox's opinion, separated from reality as it is, is too terribly uncommon today. When we have an administration that believes "deficits don't matter," articles in business magazines saying that high gas prices are not a drag on the economy and that the "economy is growing at a record rate" it seems that many people on the upper edges of the income spectrum are simply unaware of what the rest of society has to do to live, day in and day out.

I could go on for pages about some of the impact that I believe these attitudes, policies and actions are having on small business, but I think I'll stop here.