Rising national debt, job loss, AI bubble . . . is there any good news this week? Yes — the good news is that there is a solution: the Economic Democracy Act:
• The Good of the Few. The so-called experts keep insisting the U.S. economy is in great shape, it’s booming, etc., etc., etc. Strictly speaking, the U.S. economy is going great guns . . . for people with money. As reported in Yahoo! Finance, “Americans making over $100,000 a year are boosting the US economy, with industries ranging from travel and the auto industry to packaged foods and even dollar stores feeling the shift.” As the article continues, “higher-income consumers, who feel better about the trajectory of the US economy, plan to increase spending on nonessential goods such as clothing over the next 12 months, compared to middle- and lower-income consumers, who plan to pull back.” So, is the answer to cater to the small but diminishing number of consumers who have the cash . . . or promote an economy in which everyone has the means to consume what they need and a good measure of they want? And how to do the obvious? Push for early adoption of the Economic Democracy Act.
• Utopia Now. As reported in Fortune magazine, sports billionaire Ari Emanuel has declared that the AI revolution is great, just great. People will have much more free time because robots equipped with AI will be doing everything from producing consumer goods to doing housework. As the article states, “Emanuel expects the greater flexibility will lead people to spend more time enjoying the more fun things in life.” Okaaaaaay, but 1) who is going to buy all these robots, and 2) how are the people replaced by the robots supposed to live? Redistribution from the rich? That’s a recipe for “population control” and “elimination of the unfit.” The rich don’t want “useless eaters” siphoning off their wealth. Is there a solution? Yes, adopt the Economic Democracy Act.
• The Tanking Housing Market. In an article in Yahoo! Finance, Claire Boston notes, “This year’s traditional spring homebuying season may have disappointed, but fall was going to be different, the real estate world bet. The narrative: Mortgage rates at 11-month lows and hype around the Federal Reserve’s interest rate cutting plans would finally convince buyers to come off the sidelines. Nice try. So far, there are few signs that the housing market has emerged from its deep slump, even now that mortgage rates are holding stable at around 6.3%. Inventory is climbing, suggesting that sellers are willing to test the market. But today’s rates and prices remain too high to interest most buyers.” Why? If you want to sell a product, any product, you need one thing: customers with money. It doesn’t matter how much something costs if the potential customer doesn’t have the price. What is needed is something like the Economic Democracy Act.
• The Tanking Jobs Market. According to an article in Fortune magazine, the so-called “jobs market” isn’t quite as rosy as the so-called experts have predicted. As the article states, “Goldman Sachs’ Jan Hatzius warned that U.S. GDP estimates showing 3.8% growth in Q2 and 3.3% in Q3 may be overstated, owing to missing data from the government shutdown and weakening labor trends. He pointed to falling employment indicators and survey data signaling stagnation, arguing job market weakness offers a more accurate gauge of current growth. Hatzius also cited temporary boosts from tariff-driven stockpiling earlier this year and warned that younger workers face growing hiring challenges, particularly as AI adoption reshapes labor demand.” What is needed is not “job creation” for an ephemeral “jobs market,” but the Economic Democracy Act.
• The AI Bubble. Barron’s does not appear to be enthusiastic about the potential of AI to save the economy. Just the opposite, in fact. As reported by Barron’s, “‘The economy’s fate is inexplicably intertwined with that of AI, so when the investments start looking circular, it’s a concerning sign,’ Fundstrat economic strategist Hardika Singh writes in an Oct. 11 note to clients. . . . Investors aren’t the only ones wondering when the AI hype train will suddenly stop. Economists like Egelhof at BNP Paribas are pondering the same question when considering what can go wrong. Egelhof notes the economy is ‘levered’ to AI not just because it’s significantly contributing to GDP. It’s also the reason surging stock markets are filling high-income wallets and boosting consumer spending.” The only real solution is to get away from bubbles, make it possible for ordinary people to own the AI that is replacing them, and put the economy on a sound basis by adopting the Economic Democracy Act.
• U.S. Debt Tops $38 Trillion. Nearly a hundred years ago John Maynard Keynes claimed that a national debt was not a problem, and everything would work just fine if we would just lie to ourselves for a hundred years or so. Uh, huh. Milord, your hundred years are almost up, and things are worse than ever before with the potential of getting much worse. As reported by CBS News, the U.S. national debt is now more than $38 trillion. As the article states, “‘Reaching $38 trillion in debt during a government shutdown is the latest troubling sign that lawmakers are not meeting their basic fiscal duties,’ Michael A. Peterson, CEO of the Peter G. Peterson Foundation, a nonpartisan nonprofit focused on fiscal policy, said in a statement. ‘If it seems like we are adding debt faster than ever, that's because we are. We passed $37 trillion just two months ago, and the pace we're on is twice as fast as the rate of growth since 2000,’ he added.” Ironically, the national debt could be eliminated in a generation or two virtually without pain if Congress would pass the Economic Democracy Act.
• It Depends What You Mean by “Growth.” On the one hand, we have an article from Moneywise magazine that trumpets the claim the U.S. economy is “growing at the fastest pace in nearly two years.” As stated in the article, “after months of dismal jobs numbers and recession predictions, a recent White House press release touted the U.S. Bureau of Economic Analysis’ revision of second quarter GDP numbers, claiming ‘explosive growth’ for the economy — along with positive reactions from various financial experts. . . . The GDP growth was driven by a slowing of imports and a greater increase in consumer spending than previously reported, led by transportation, financial and insurance services.” On the other hand (and we’ll only use two hands for this item), the so-called “growth” appears to be somewhat ephemeral, fueled by price rises in the secondary share market and for consumer goods. According to a report broadcast on Good Morning America, inflation is at its highest since January and beef prices are “soaring.” As the article notes, “Consumer prices rose 3% in September compared to a year ago, extending a monthslong uptick that has sent inflation to its highest level since January, government data on Friday showed. The reading came in lower than economists' expectations. The fresh data marked a slight increase from a 2.9% year-over-year increase recorded a month prior. An acceleration of price increases over recent months has coincided with a flurry of tariffs issued by President Donald Trump.” Not to keep pointing out the obvious, but the solution is to adopt the Economic Democracy Act as soon as possible.
• And the Survey Says . . . Despite the exultant economic triumphalism of the current administration about the booming U.S. economy, other so-called experts and actual people are somewhat less optimistic. As reported in Bankrate, “After five years of one economic headwind after another, it’s no wonder many people feel uneasy about the U.S. economy. Few expect it to get much better. By September 2026, economists expect the unemployment rate to climb to 4.6 percent and job growth to average just 49,000 jobs a month, less than half of its current pace, according to Bankrate’s latest Economic Indicator Survey. That’s far from the collapse experienced during the pandemic or the Great Recession, but it’s also nowhere near the red-hot labor market of a few years ago.” There is, as you might expect from reading this blog, a reasonable solution. That is to adopt the Economic Democracy Act.
• Stretching the Money. Although our Fearless Leaders keep assuring us that America has been made great again and there is no inflation, many people are having trouble paying for food. According to an article in Yahoo! Creators, however, there are some ways people can save substantial amounts on their food bills without sacrificing . . . too much, except in “bad” spending habits. As the article says, “Frugality doesn’t always mean cutting back on everything. For many families, it’s the routine choices they can do without, such as picking up food instead of paying for delivery or tips, planning meals for the week ahead, or even using food scraps in recipes. Sometimes, the smallest decisions can help make a difference in your budget. Your wallet doesn't care if dinner came from a fancy bag or your own kitchen!” And the biggest tips? 1) Buy in bulk, 2) Cook at home, 3) Use produce wisely, 4) Choose budget-friendly foods, 5) Shop with a list. That’s fine as a short-term stopgap, but the long-term solution is to adopt the Economic Democracy Act.
• Greater Reset “Book Trailers”. We have produced two ninety-second “Book Trailers” for distribution (by whoever wants to distribute them), essentially minute-and-a-half commercials for The Greater Reset. There are two versions of the videos, one for “general audiences” and the other for “Catholic audiences”. Take your pick.
• The Greater Reset. CESJ’s book by members of CESJ’s core group, The Greater Reset: Reclaiming Personal Sovereignty Under Natural Law is, of course, available from the publisher, TAN Books, an imprint of Saint Benedict Press, and has already gotten a top review on that website. It can also be obtained from Barnes and Noble, as well as Amazon, or by special order from your local “bricks and mortar” bookstore. The Greater Reset is the only book of which we’re aware on “the Great Reset” that presents an alternative instead of simply warning of the dangers inherent in a proposal that is contrary to natural law. It describes reality, rather than a Keynesian fantasy world. Please note that The Greater Reset is NOT a CESJ publication as such, and enquiries about quantity discounts and wholesale orders for resale must be sent to the publisher, Saint Benedict Press, NOT to CESJ.
• Economic Personalism Landing Page. A landing page for CESJ’s latest publication (now with an imprimatur), Economic Personalism: Property, Power and Justice for Every Person, has been created and can be accessed by clicking on this link. Everyone is encouraged to visit the page and send the link out to their networks.
• Economic Personalism. When you purchase a copy of Economic Personalism: Property, Power and Justice for Every Person, be sure you post a review after you’ve read it. It is available on both Amazon and Barnes and Noble at the cover price of $10 per copy. You can also download the free copy in .pdf available from the CESJ website. If you’d like to order in bulk (i.e., 52 or more copies) at the wholesale price, send an email to info@cesj.org for details. CESJ members get a $2 rebate per copy on submission of proof of purchase. Wholesale case lots of 52 copies are available at $350, plus shipping (whole case lots ONLY). Prices are in U.S. dollars.
• Sensus Fidelium Videos, Update. CESJ’s series of videos for Sensus Fidelium are doing very well, with over 155,000 total views. The latest Sensus Fidelium video is “The Five Levers of Change.” The video is part of the series on the book, Economic Personalism. The latest completed series on “the Great Reset” can be found on the “Playlist” for the series. The previous series of sixteen videos on socialism is available by clicking on the link: “Socialism, Modernism, and the New Age,” along with some book reviews and other selected topics. For “interfaith” presentations to a Catholic audience they’ve proved to be popular, edging up to 150,000 views to date. They aren’t really “Just Third Way videos,” but they do incorporate a Just Third Way perspective. You can access the playlist for the entire series. The point of the videos is to explain how socialism and socialist assumptions got such a stranglehold on the understanding of the role of the State and thus the interpretation of Catholic social teaching, and even the way non-Catholics and even non-Christians understand the roles of Church, State, and Family, and the human persons place in society.
Those are the happenings for this week, at least those that we know about. If you have an accomplishment that you think should be listed, send us a note about it at mgreaney [at] cesj [dot] org, and well see that it gets into the next “issue.” Due to imprudent and intemperate language on the part of some commentators, we removed temptation and disabled comments.
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