They used to say that the definition of a recession was when your neighbor lost his job, and a depression was when you lost yours.
Well, after this week’s monumental Detroit-area rainstorm and flood, we now have a new definition for our dictionary of popular economics. You can say that wasteful government spending is when Washington or Lansing helps someone else.
Proper allocation of scarce resources is when they help -- you.
That may sound like a joke, but all too many people subconsciously feel that way.
You need only drive through the streets of communities like blue-collar Warren and more affluent Huntington Woods to get a sense of the scope of this week’s destruction.
Warren Mayor Jim Fouts has called on Washington for assistance, saying “if the federal government can help flood-damaged communities in various countries, I think they can help flood damage in the city of Warren.”
Good luck with that.