President Barack Obama regularly emphasizes a job-creation record that he says has made the U.S. recovery the envy of the world. But progressive leaders, including Sens. Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts, high-lighted a litany of economic shortcomings in primetime speeches on the convention’s kickoff night, including what Mr. Sanders called a “grotesque” level of income inequality. WSJ 7-27-16
It seems to me the fact relatively few Americans benefit from high levels of wealth and income generated primarily from investments (except perhaps celebrities and star athletes) is not what is grotesque.
What is shocking, however, is that for years politicians have failed to tell average Americans the truth about a new world economy, about the changing look of jobs in America and the world and the need for Americans to make significant adjustments.
What is shocking is that rather than a sharp focus on stimulating the economy in any number of ways to create ongoing wealth and opportunity, politicians focus on artificially “helping” Americans through scapegoating the wealthy and through wealth transfer programs.
If you do not address the fundamental problem, you don’t solve it.
You don’t solve poverty unless those in poverty earn an income lifting them out of that state permanently. Did we solve the problem, if that is what is was, of home ownership via sub-prime lending? Did we solve the problem of health care costs by subsidizing premiums? Will making college tuition-free before we make college efficient and students well qualified and motivated toward a valuable degree solve any problem? Does raising the minimum wage permanently solve any problem if low-skilled workers remain that way and an economy adjusting to the new wage level simply raises all wages and prices?
Who doesn’t want to solve the problems we face? But for Pete’s sake, let’s find real solutions that are sustainable, not simply mask the problem with more forms of wealth transfer that often trap people in their troubled state.
Categories: My Opinion