Showing posts with label trick-down. Show all posts
Showing posts with label trick-down. Show all posts

Sunday, March 06, 2016

Clinton's afterthought is Sanders' lead

Hillary Clinton laid out her economic vision in a speech in Detroit on Friday (March 4). There's a lot to like in it.  She's focused on wage growth, reducing income inequality, shifting back to labor the share of corporate profits it's lost over the last four decades. And of course she has a laundry list of proposals designed.to foster domestic manufacturing, boost wages support unions, and steer investment toward troubled regions.

I find her big picture narrative still a bit unfocused, or mis-focused, though.  Here's the heart of it (my emphasis):
Now, some of the blame for these changes in the economy rest with big, historic forces, like trade and technology.  Wall Street and some of our corporations also, however, bear a lot of responsibility.  Too many in the financial industry forgot that the purpose of banking is to get capital to main street to invest in new businesses or expand successful ones like this of any size, and to increase the opportunity for home ownership and community development.

It is not to create huge riches for a select few at the expense of everyone else.  And meanwhile, too many leaders in corporate America are prioritizing their short-term stock price over their workers and their communities.  And we can’t forget the damage caused by trickle-down economics and right-wing ideologues who believe in weakening government oversight, massive tax cuts for the rich, ripping away the safety net, and breaking the backs of unions.
What you "can't forget" is an afterthought, and it should be the lead. To my mind, Clinton has the optimal emphasis of causes exactly backwards: 1) big historic forces 2) bad corporate behavior, 3) trickle-down economic policy.