An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
I wish they would show transfer payments included on these charts of productivity and hourly income. Somewhere along the way, the elite Democrat Economic PTB decided that it was preferable to keep wages down and subsidize poor employees instead of paying them because globalization was TINA. But that decision making process and the devastating consequences along with the anger and political backlash at the heavy handed decisions needs to be exposed, understood, and the relevant economists held to account, perhaps fired, sanctioned or in someway brought to justice for their decisions. I don't think Dems fully appreciate that this is a beast of their policy designs. Listening to Dem election rhetoric, Bernie especially, you'd have no idea he has supported legislation that lead to this outcome. BIG name DEM economists chose this policy approach because they believed it would ensure more jobs would not be lost to competition. They were not only wrong, but it served to accelerate the demise and no one can see past their politics to point out why. This is why I hate political economics nearly as much as orthodox approaches, there is zero accountability, no mea culpa, and no one ever admits mistakes or apologizes for their failures.
According to the narrative, what wasn't paid out in wages was made available as credit, with predictable results.
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