New Jersey Angst

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We’ve heard about trickle down. Here’s trickle up. If worry about where the next buck comes from pervades the broad base of the population, they will buy nothing but the absolute necessities, eschew investment opportunities and, economically hunker down. When that kind of fear trickles up, the economy seizes. The base matters. What moves the base into levels of greater confidence about the future matters most. Preoccupation with preserving the wealth of the upper 1% ignores this important truth, to the hazard of us all.