There's an economic success story that neither the Democrats nor the Republicans want to acknowledge: low wage workers have doubled their wages in the last five years.
Democrats can't talk about this as progress because they are loath to admit that anything good can happen during the Trump presidency. That's silly, because the President doesn't have that much power and influence over the economy to begin with. Trump has hindered the economy with his trade wars and the general insanity and uncertainty around his policy. Markets like stability. That's enough to condemn Trump.
Republicans can't talk about the success of low wage earners because their wage increase is mainly due to regulated minimum wage increases. This is anathema to dyed-in-wool conservatives. State and federal mandated minimum wage increases-- according to supply-side conservatives-- will destroy the labor market, make people lose jobs, ensure that there will be less jobs in total, destroy small businesses, and redistribute income until we are a socialist commune. Conservative logic dictates that the job market should not be so tight, because of this enforced wage increases.
But it is. So the Republicans won't bask in the glory of low wage increases because it contradicts their favorite economic theory.
Instead, we get stories of wage stagnation, despite the tight job market. That's because middle class wages are stagnant, and middle class people are the people who matter. They are the voters. And the people who matter haven't seen wage increases, despite the tight job market.
But income is getting redistributed, and poor people are less poor, and that means they can take part more in the economy. That's a good thing for a lot of people, not just low wage earners. But nobody in politics is going to admit it.
Progress.
Good for everyone except the media and the politicians.
No comments:
Post a Comment