An Asbestos Economy

A disclaimer: I couldn't watch the state of the union address last night because I was at bookclub being a good liberal elitist. Instead, I read a transcript of the speech in this morning's Post.

As a lawyer, one particular quote caught my attention. It came early, while the President was talking about the economy. He said:

"Justice is distorted, and our economy is held back by irresponsible class-actions and frivolous asbestos claims..."

Did the President just assert that asbestos claims in our courts play a significant role in the current state of our economy? Why yes, I believe he did. This, no doubt, was news to most Americans who, like me, were under the misconception that the US has a highly-diversified, information economy. Nope. It turns out that America's economic strength is (and was) built on asbestos. Who knew?