Fewer Americans Blame Poverty On The Poor

It takes quite a bit of time for certain economic policies to make their full impact known and the economic ideology and subsequent shift in economic policies due to Reagan needed the 30 plus years to mature into the failure that we now know it to be. Reagan’s embrace of deregulation on all fronts, unfortunately was taken up even by Clinton when he listened to Robert Rubin and repealed Glass-Steagal and he also allowed for commodities to be traded willy nilly on the market. Moreover, Clinton persuaded the unions to follow him in their support on NAFTA, despite their real misgivings, we didn’t realize how more important FAIR trade is then FREE trade. But again it takes time before we can see how devastating these decisions can be, that is why economic policy is so important; it doesn’t effect just one generation, it effects several down the line. We look back longingly to the 50’s and 60’s when wages were up and jobs were here. We have to remember that those things were a result of purposeful decisions, we can have them again. The 1970’s were a time when the wealthy and the right wing woke up and decided to do something about their lost power; they invested time, money and energy into creating think tanks, media pockets of ideology and funding universities, lastly they set their sights on the judiciary as well. Just look at the Supreme Court if you have any doubts. Moreover, they took their time working on the tax code, getting their colleagues in congress to make it financially lucrative to ship manufacturing overseas. If they can do this why can’t the progressives and the democrats do the same? Nothing about poverty is part of natural order, it is due to events and circumstances often beyond our control. That can change and has to change. We don’t have a spending problem; we have a revenue problem. The same goes with food; we don’t have a supply problem, we have a distribution problem. The ones that want to hold on to all of the power and wealth, obfuscate the issues to keep everyone distracted from what really is the heart of the matter; there is far too much in the hands of too few. There are remedies for that and we should try a few, pronto.
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  1. jamesbradfordpate · · Reply

    Do you have any ideas about what exactly went wrong with the economy in the 1970’s. It just seems to me, from my reading, that it was pretty dismal throughout that decade.

    1. Paul Volcker increased the interest rate to really high to deal with inflation but in hindsight that was the wrong thing to do because the inflation that he was trying to counterbalance was really all about oil prices and that wasn’t inflation, that was all about supply and demand. High interest rates and the tax code that had changed combined made it lucrative for companies to start shipping manufacturing overseas and it was in the 1970’s that C.E.O pay was tied to stock prices; the better the stock price, they better the pay. That changed the game for a lot of companies and unfortunately their workers. It was almost like a perfect storm. We were also distracted with the Vietnam War so these happenings were going on under our noses but what did we know or understand. It takes time. I hope that this made some sense 😀

      1. jamesbradfordpate · ·

        That fills in some gaps, or it puts some things I know into a story. I don’t entirely understand the part about the shift to stock price. I know you were talking about that in a recent post: how focusing on stocks is different from building the company and employing people.

      2. I was quickly typing about what I had touched about in the previous post. When the head of a company shifts focus from what the company actually needs in running the company to only running the company determined by what the investors want. The two goals don’t always align. If this makes it any clearer I hope 😀

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