Regressives have said no to every idea for boosting jobs over the last five years because they like high unemployment. (1) It keeps wages down, because workers who are worried about losing their jobs settle for whatever they can get -- which is why the median wage is 4% lower than it was at the start of the recovery. This in turn helps boost corporate profits, thereby keeping regressives corporate patrons happy. (2) It keeps stock prices up, because the Fed is committed to buying long-term bonds as long as unemployment remains high -- which pushes investors into equities rather than bonds. This in turn helps boosts executive pay and Wall Street commissions, thereby keeping regressives financial patrons happy. (3) It keeps most average people economically fearful and financially insecure -- which sets them up to believe regressive lies that their biggest enemy is big government that will tax away the little they have and give it to undeserving minorities; that they should support low taxes on corporations and wealthy job creators; and that new immigrants threaten their jobs. Progressives need to hammer home that (1) the real job creators are consumers, and that if average people dont have jobs or good wages this economy cant have a vigorous recovery; (2) the rich would do better with a smaller share of a rapidly-growing economy than their current big share of an economy thats hardly moving; and therefore everyone would benefit from (3) higher taxes on the wealthy to finance public investments in roads, bridges, public transit, better schools, affordable higher education, and healthcare -- all of which will help the middle class and the poor, and generate more and better jobs. (We also need a living wage, a small military, and less casino-capitalism on Wall Street.)
Posted on: Sat, 03 Aug 2013 12:39:07 +0000
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