There are small signs that real recovery might finally be kicking in. (Republicans have been able to obstruct it for only so long.) But we have not rewired the economic paradigm to work for the 99%, so any recovery will only bring back the imbalances that caused the problems in the first place. This means recovery may not have the electoral effects Democrats hope for, because any growth means the beneficiaries of the old economy are the beneficiaries of this recovery.
Green Shoots Taking Root?
The economy is not collapsing – today. There is at least some growth in most sectors, and this certainly beats continuing decline. The layoffs have slowed to a less gut-wrenching level and there is even hiring occurring. The overhanging inventory of unsold houses has pulled back from record levels. Car companies are doing well and you can’t turn on the TV without seeing car commercials everywhere. Yes there are signs that “green shoots” might be taking root this time – maybe.
But at the same time, to what end?
Here We Go Again
Right on the tail of any green shoots we see signs of the old ways returning, the old imbalances resurfacing. People are running up credit cards again. Trade deficits with China are rising to extreme levels again. Banks and other giants are finding ways to soak scam fees out of customers again. Unrestrained financial-casino speculators are helping drive the price of gasoline to highest-ever levels. And here we go again: the top 1% captured 93% of the income gains in the first year of recovery.
This all shows an economy wired for the 1% will only benefit the 1% as it recovers. The gains are not trickling down.
THIS is what you call recovery?
Won’t Help Election
Democrats and the President are hoping, hoping, hoping that signs of recovery will continue, and people will look more favorably at the President and his party. But any recovery that just goes back to the old economy will not help, because it will not help regular people. An economy wired for the 1% only helps the 1% during any recovery. Today’s poll demonstrates this: Washington Post: Gas prices sink Obama’s ratings on economy, bring parity to race for White House,
Disapproval of President Obama’s handling of the economy is heading higher — alongside gasoline prices — as a record number of Americans now give the president “strongly” negative reviews on the 2012 presidential campaign’s most important issue, according to a new Washington Post-ABC News poll.
“Recovery” only helps the President and Democrats if the recovery actually helps the 99%. Mere words won’t do it.
Mere Words Won’t Do It — We Need An Actual Agenda For The 99%
Mere words won’t do it. We need an agenda bigger than what we are doing now, otherwise we just “recover” an economy that didn’t work for working people or for the planet. We need actual change that people actually feel. This means a serious, meaningful attack on inequality and its effects. This means changing the wiring of the economy so We, the People again are in control.
Democrats have to be perceived as actually fighting for the interests of the 99%. The way to be perceived as doing this is to actually do it. This means bringing in people to the Treasury Department and economic advisors who don’t actually work for the interests of Wall Street and the big banks and the 1%. This means actually fighting to raise taxes on the 1% back up to actually meaningful pre-Reagan levels. This means actually doing something about the trade agreements that pit the 99% against exploited workers who have no say, while creating massive trade deficits that drain our economy. This means actually providing good schools and college education that everyone can afford. This means an actual national industrial policy that helps us actually compete in the world’s economy. This means actually fighting climate change. This means actually empowering workers to form unions so they can actually confront concentrated wealth and power with some actual leverage. This means actually hiring millions of people to actually modernize our infrastructure and retrofit our buildings to be energy efficient. This means an actual Medicare-for-All health care plan instead of just reinforcing the 1%er insurance giants. This means actually doing those things that need to be done.
Mere words won’t do it. Actually rewriting the economic paradigm is what is actually required here.
This post originally appeared at Campaign for America’s Future (CAF) at their Blog for OurFuture. I am a Fellow with CAF.
Sign up here for the CAF daily summary.