The Raw Deal

Americanshavefallenforthetickertape.Wewatchourportfolios,happilyornervously.WeknowtherewereafewbadapplesatEnronandWorldCom,butwealsoknow:*Theadventofmutualfunds,low-costbrokerages,andtheInternethasmeantthatthestockmarketisnowmoretransparent,honest,andaccessibletothesmallinvestorthaneverbefore;*401(k)sgivetheindividualresponsibilityandcontrolovertheirretirementsavings,andthatmakesusmoreresponsiblecitizens;*Federaldeficitsarebadfortheeconomy,especially,somehow,whenthey'relinkedtosocialspending;and*Controllinginflationisthemostimportanttaskofoureconomicpolicy.ButaseconomistEllenFrankshowsus,whatweknowiswrong.Overthepasttwentyyears,Americanshavebeenfedamashofconfusingfinancialandeconomicinformation.Thisinformationhasdistortedpopularunderstandingofhowtheeconomyreallyoperatesandcamouflagedthetransformationofeconomicpolicyfromatoolforimprovingthelivingstandardsofalltoatoolforsecuringtheperquisitesofthosewithfinancialwealth.