The first item of business should be to acknowledge that economics is a soft science determined primarily by human behavior rather than mathematical equations. Economics deserves to be with the social sciences such as sociology and psychology, not with the hard sciences such as math, physics and chemistry. Once we get that in our heads, we can approach the human construct portion of the discipline more openly and ask ourselves different types of questions such as which is more important, having a small incredibly wealthy class that owns the majority of assets in society or having a broader base of productive, economically vibrant people with a much smaller elite class at the top. My own personal experience regarding the employment market is that it is still an employer’s market and applicants do not have any leverage whatsoever and that is true no matter the experience, the degree or the age. The Federal Reserve should be focused on wages and strengthening the employee side of the equation because as of now the imbalance of power is still too steeply in favor of the employer, bad news for wages all around. Economics may be an imprecise science due to the human factor but we still have history to draw from and we can correlate action and consequence. I am not a student of finance or economics, but I can follow history and logic, there are arguments that make sense and others that may be counterintuitive, but still produce results that promote redistribution of wealth from top to bottom instead of the other way around which has been a matter of economic policy for the past forty years. I am sure that everyone agrees that our middle class desperately needs to be rebuilt if only for the future of our nation.
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