Lovely NYT column by Paul Krugman. He starts by reminding readers of how big the US economy is. It employs 145 million people. And every day, on average, 75,000 people get fired or laid off.
But why am I telling you this? To highlight the difference between real economic policy and the fake policy that has lately been taking up far too much attention in the news media.
Consider, by contrast, the story that dominated several news cycles a few weeks ago: Donald Trump’s intervention to stop Carrier from moving jobs to Mexico. Some reports say that 800 U.S. jobs were saved; others suggest that the company will simply replace workers with machines. But even accepting the most positive spin, for every worker whose job was saved in that deal, around a hundred others lost their jobs the same day.
In other words, it may have sounded as if Mr. Trump was doing something substantive by intervening with Carrier, but he wasn’t. This was fake policy — a show intended to impress the rubes, not to achieve real results.
So why don’t news media put Trump’s fatuous bluster into that kind of context? Search me.