Hmmm...(finger tapping...tap...tap...tap), maybe, just maybe, Clinton's former Labor Secretary, Robert Reich, has the answer:
[...] median annual household incomes have dropped, in real terms, from about $46,000 in the year 2000 to $45,000 today. Yet if American households had been sharing in the growing economy the Administration is so eager to tout, median household income today would be on the way to $64,000. Rarely before in history has the American economy grown so nicely without most Americans sharing in the growth. Corporate profits are fatter than they've been in years. What corporations aren't using for investment they're awarding to their top executives or distributing to their shareholders. [...]Leave it to a Democrat to come up with the answer!
Supply-side economics, meaning big tax cuts for the very wealthy, used to be called trickle-down economics on the assumption that some of the gains would be felt by average people. But in this economy nothing has been trickling down. The real sixty-four thousand dollar question is why the White House is puzzled that most Americans are so downbeat. [emphasis mine]
2 comments:
What a great response. I wish Reich had had more influence in the Clinton administration.
That's why they keep losing elections. The Dems deal in realities, and realistic solutions are ugly and nuanced and don't market well.
As you know, I'm pulling for them and a return to rationalism. But it's hard to sell a multipronged approach to anything. Bring'em on is so much cleaner.
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