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The economy: Happy days are here again! For whom?


Last week the stock market made a great leap forward. "Dow Leaps to Record" the Wall Street Journal blazons on its front page. The news weekly The Week quotes Bernard Condon of the Associated Press: "The stock market is back." Investors and other social parasites living off of unearned capital gains are celebrating getting back the $11 trillion dollars eaten up by the Great Recession. The Week says this is seen "as another sign of recovery." The Wall Street Journal hails it as "a key milestone in the long slog to recovery from the financial crisis."

This remarkable "economic comeback" is even happening under the Oba...