The path to prosperity

I've been saying this for years but I'm not a big time blogger or a well credentialed policy wonk so no one listens to me.

The flip side of this, of course, is that rich people are going to have to accept the fact that they don't get all the money anymore. Their incomes will still grow, but no faster than anyone else's. [...]

This isn't just a matter of social justice. It's a matter of facing reality. If we want a strong economy, we can only get it over the long term if we figure out a way for the benefits of economic growth to flow to everyone, not just the rich. This is, by far, Barack Obama's biggest economic challenge. Until median wages start rising steadily and consistently, we haven't gotten ourselves back on track.

To use my favorite quote from the town treasurer at a long ago Cummington Town Meeting, "You can cook the books any way you want, but there just ain't no money in the bank." You can't spend what you haven't got. If you do, it's called debt, not growth.

[More posts daily at The Newshoggers and The Detroit News.]