American voters don’t like the Republicans any better than they like the Democrats. But last week, Obama and the Dems were held responsible for the economy.
They got off easy. A hanging would have been more appropriate.
We have mentioned many times how U.S. median household income is now lower than it was when the 21st century began. The median household had $57,000 in income when the big ball came down in Times Square and closed out the 20th century. Today, it has $52,000.
Stocks are substantially higher. So are corporate profits. So why aren’t ordinary people earning more money?
After all, we live in the greatest economy man has ever created. More people have more money than ever before. So there’s plenty of capital to fund new enterprises.
Also, more people have college degrees. So there’s no shortage of educated people to fill office seats. And there are more scientists and engineers busy developing new drugs, new machines and new chemicals.
The economy should be exploding with growth, jobs and higher incomes for everyone.
And don’t forget there are more people than ever before whose explicit role in our economy is to make things better – more government agencies, more programs and more bureaucrats….
Surely the combined efforts of so many smart people have resulted in a better economy?
Instead of producing general prosperity, their combined efforts have instead concentrated it.
Since 1979, incomes of the top 1% have gone up three times. But when you get down to the average American, his income has gone down over the last 35 years. At the bottom – where you find the poorest 20% of the population – incomes have gone down an unbelievable 60%….
For some, the frustration is unbearable. In 2001, about 16 men out of every 100,000 killed themselves. Now, the figure is 25 out of every 100,000 – a 56% increase.
You’d think this kind of feedback would force economists and politicians to take notice. They might want to reconsider the policies of the last few decades…
Read more at ‘The Keynesian Consensus Has Been a Dismal Failure.’