Columns

WASHINGTON — Regimes, however intellectually disreputable, rarely are unable to attract intellectuals eager to rationalize the regimes’ behavior. America’s current administration has “national conservatives.” They advocate unprecedented expansion of government in order to purge America of excessive respect for market forces, and to affirm robust confidence in government as a social engineer allocating wealth and opportunity. They call themselves conservatives, perhaps because they loathe progressives, although they seem not to remember why.

We keep hearing about this wonderful economy of ours. Jobs plentiful. Inflation low. Interest rates low. Where’s the problem?

Problem is, the uptick in pay has been modest while the prices for things the middle class thinks it’s due are beyond reach — or rather, impossible to obtain without borrowing. Thus, middle-class families are racking up big debt to keep up middle-class appearances. 

Prudent people (and countries) reduce debt at times of prosperity. This country and its people are not. Such scenarios rarely end well.

News last week from the razor blade company showed that, despite evidence to the contrary, common sense survives.

Then along came the fashion model — and all is in doubt again.

So last week the people who make Gillette razor blades announced they were writing down the value of the company. This is no small thing. It seems the people who count beans at Procter and Gamble decided their razor blade company was worth some $8 billion less than they previously claimed.

Listening to debates among presidential primary candidates invariably reminds me of the 1974 Democratic primary for New York governor. To set the scene: In November of 1973, Republican Nelson Rockefeller, four times elected chief executive of the Empire State who would later be chosen by President Gerald R. Ford to become the nation’s 41st vice president, resigned his governorship.