What does it mean to be "left behind?" By one simple definition, you have been left behind if the economy as a whole is growing faster than your own income. A discussion of the actual numbers is after the jump. But by that measure, those people in the 95th percentile income bracket easily qualify (as a quick definition, if you are in the 95th percentile, you made more money than about 94 percent of the population), at least in the period 2001 - 2008 (during the George W. Bush administration).
What has been happening is that the lion's share of the growth in the U.S. economy has been captured by a very small percentage of the population, leaving no benefits of growth for anyone else.
It was not always this way, and it is not this way in other advanced countries. Most income groups did better during the Clinton Administration (1993-2000), for example, as will be discussed after the jump. Thus, claims that this is a natural consequence of how economies work, or that it has to be that way because of international competition, do not withstand scrutiny.
It is quite possible to quibble with the numbers, but if you are left with resorting to quibbling (as in, "Ha! You're completely wrong! Only 94 percent of us have been left behind!"), then you must concede the basic thrust.
How often are we told that there is very little that the government can do for the economy, by the very people who are simultaneously working furiously to get the government to benefit them (and succeeding in a spectacular fashion)? There are in fact many policy choices that a government makes that can have profound impacts on how the economy does, and how equitably growth is distributed.
That is what this blog will explore.
Monday, September 5, 2011
What this blog is about
No, it's not a blog about the Rapture.
It's a blog about policy, more specifically economic policy. In particular, it will be looking at policies that benefit the overwhelmingly vast majority of Americans, as opposed to just a tiny percentage, or a special interest. While this country as a whole has grown and prospered for many years (until the last few years, beginning around 2007), when one drills down past the Gross Domestic Product (GDP), we find that most Americans have not shared in that growth. This blog will discuss policies that will reverse that trend, and will critically examine policies that only make this trend worse. It will in particular examine policies put forth by Republicans that claim to produce growth and jobs, looking at their track record and rationale.
Independents often characterize Democrats as people who want to take their money and give it to the undeserving. They have been thus distracted away from others who have have taken their money and kept it for themselves.
We will look at policies that are not just meant to benefit the poor, but are meant to benefit almost everybody. It seems appropriate to launch this blog on Labor Day.
The Format
Unlike some other blogs, we will probably not post every day. We will probably post about once a week or so. The idea is to encourage a lengthy comment period.
Comments are very encouraged. You are especially encouraged to comment if you disagree with the posting. But here are the rules. Comments will be moderated. A comment that is simply a flame or an ad hominem attack will not be published. A comment that offers a critique of the posting will be responded to, at least by me. I expect you to respond to my (or other's) response. We want to create a dialogue. Perhaps we'll all learn something.
It's a blog about policy, more specifically economic policy. In particular, it will be looking at policies that benefit the overwhelmingly vast majority of Americans, as opposed to just a tiny percentage, or a special interest. While this country as a whole has grown and prospered for many years (until the last few years, beginning around 2007), when one drills down past the Gross Domestic Product (GDP), we find that most Americans have not shared in that growth. This blog will discuss policies that will reverse that trend, and will critically examine policies that only make this trend worse. It will in particular examine policies put forth by Republicans that claim to produce growth and jobs, looking at their track record and rationale.
Independents often characterize Democrats as people who want to take their money and give it to the undeserving. They have been thus distracted away from others who have have taken their money and kept it for themselves.
We will look at policies that are not just meant to benefit the poor, but are meant to benefit almost everybody. It seems appropriate to launch this blog on Labor Day.
The Format
Unlike some other blogs, we will probably not post every day. We will probably post about once a week or so. The idea is to encourage a lengthy comment period.
Comments are very encouraged. You are especially encouraged to comment if you disagree with the posting. But here are the rules. Comments will be moderated. A comment that is simply a flame or an ad hominem attack will not be published. A comment that offers a critique of the posting will be responded to, at least by me. I expect you to respond to my (or other's) response. We want to create a dialogue. Perhaps we'll all learn something.
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