07/11/2018

The Great American Melt-Up

James Pethokoukis, Commentary Magazine

Democrats find themselves in a state of confusion. Not only is there no clear favorite for the party’s 2020 presidential nomination, it’s uncertain what economic policies the party’s eventual nominee will put forward. Among the ideas currently being argued and discussed by progressive activists and wonks are free college tuition for all, expanding Medicare, heavily regulating or breaking up the big-tech platforms, and a universal basic income or jobs guarantee.

Yet wherever Joe Biden, Kamala Harris, Elizabeth Warren, Bernie Sanders, and whoever else might climb the greasy pole come down, they will likely agree on at least one thing: While Trump and tax-cutting Trumponomics may be the immediate target of their ire, they will also argue that the U.S. economy has been on the wrong track for decades. Forget Ronald Reagan’s famous question to voters in 1980, “Are you better off than you were four years ago?” As Democrats see things, the American middle class is worse off than it was before Reagan took office. In their eyes, the pro-market tilt in U.S. economic policy since Reagan’s time—lower taxes, lighter regulation, freer trade—has resulted in little more than higher inequality, lower upward mobility, and middle-class income stagnation. The claim is no longer even remotely controversial on the left and is frequently repeated by its politicians as an incontrovertible fact.

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The Fed vs. the Middle Class

With interest rates flattened [by the Federal Reserve], government zeroes out the future. Abandoned were 80 percent of private defined-benefit pension plans. Public plans faced a similar evisceration in the future. With no acknowledgement, the U.S. government had casually dispossessed the American middle class of its retirement assets and pushed millions of Americans into acute dependency on government programs. ... Government dependency negated the American dream.

-- George Gilder ,

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