Building the New Economy
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The Campaign for America’s Future is hosting a Building the New Economy conference in Washington, D.C., today, and campaign staffer Mike Elk describes what needs to happen to make a new economy work for all of us.
Today, the Campaign for America’s Future is holding a “Building the New Economy” conference. As we build the new economy, it’s important we build one not based on the assets bubbles of the past but on the firm rock of manufacturing.
As AFL-CIO President Richard Trumka argues:
Flawed trade and tax policies and a financial system focused on short-term profits drove good jobs offshore, led to record trade deficits, and left the economy in ruins. With the manufacturing share of gross domestic product withering to 12 percent (from 15.9 percent in 1995) and the financial sector growing to 22 percent, the structure of the U.S. economy looks more like Monaco than Germany. This growth model of asset bubbles, low wages, credit pyramids, toxic assets and unregulated out-of-control global capital has been a recipe for disaster.
Wall Street to Main Street: Lick My Versaces
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Given the raging jobless rate in this country, it’s no surprise that only 10 percent of Americans say now is a “good time” to find a quality job, reflecting no improvement since February, and less than the 33 percent who held similar views as the recession began in January 2008, according to a Gallup poll out this week. The poll concludes:
Job-market conditions across the U.S. are a little better than they were six months ago, but remain far worse than they were during the first year of the recession. Another jobless recovery—no matter its overall shape—is the last thing Americans need after the worst recession since the Great Depression.
It’s bad enough America’s workers can’t find jobs. But even those with jobs are experiencing such a decline in wages that the United States has seen a dramatic increase in economic inequality. According to a new paper by the Center for Economic Policy Research:
While the United States has long been among the most unequal of the world’s rich economies, the economic and social upheaval that began in the 1970s was a striking departure from the movement toward greater equality that…was a central feature of the first 30 years of the postwar period. This is…the direct result of a set of policies designed first and foremost to increase inequality.
