Old Economy Coming Back

Borosage, in Democrats Must Overcome Clinton Nostalgia,

The sad fact is that the old economy is coming back. Austerity continues to starve public investments vital to our future. The banks emerged from the crisis bigger and more concentrated than ever. Despite the domestic natural gas explosion, the trade deficit is still more than $1 billion a day, with the deficit with China setting records.

Extreme inequality is getting worse. The wealthiest 1 percent of Americans captured a stunning 121 percent of the income growth in the first two years after the economic collapse. Everyone else, on average, lost ground. The jobs being created offer less pay and fewer benefits than those that were lost. More than 20 million people still need full-time work.

I wrote about this in Just Stop It: This Is NOT A Good Economy. We Can Fix It.

PS Borosage makes a key point: “No matter how repellant Republicans may look to these voters, they are unlikely to turn out in large numbers for a party whose policies have failed them.

1 thought on “Old Economy Coming Back

  1. Bad, and probably hopeless, because we can’t/won’t have a legitimate discussion about our situation. We can’t have a legitimate discussion because an entire chunk of the population has been “disappeared” from the public discussion by the Reagan/Clinton generation. Because of Clinton’s policies, severe poverty in the US has doubled, and we have fools trying to sell us today’s version of trickle-down economics (this time, “prosperity from the middle out.”). Because we cut the rungs off the ladder of poverty, poverty grows deeper and wider with every small downturn of the economy. Bottom line is that you can’t get a job when you no longer have a home address, phone, clean clothes, bus fare. We probably should consider the consequences of a growing chunk of the population that has nothing left to lose, no consequences to fear, and that middle class America has treated with such utter contempt.

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