Thank you, New York Times Editorial board, for saying what we’ve been saying for well over a year now – as productivity and economic growth have gone up, wages and employment have gone down. This “disconnect,” as the Times calls it, was thoroughly detailed in Rob Shapiro’s “The Landscape of Globalization” paper last summer and has served as the basis of much of our advocacy efforts in the last year.
Says the Times:
Fixing that disconnect is the central economic challenge for the next president.
Yes, we agree with that. When NDN talks about our “globalization narrative,” we start by laying out the disconnect between growth and wages. We then identify steps the government can take to ease pressures on wages and new job creation. The Times agrees that while the government can’t do it all, it “can try to stop things from getting much worse, helping to set the stage for a rebound.” NDN argues that we must reform our health care and energy policies; invest in infrastructure and education; and accelerate innovation across the economy.
The Times takes a look at what U.S. Sens. Obama and McCain are doing to address the disconnect.
On Sen. Obama:
Senator Barack Obama has addressed the issue conceptually, rejecting the “you’re on your own” ethos of the Bush years. He has put forth prescriptions, including specific plans to create jobs with public-works investments, and he supports legislation that would make it easier for employees to form unions.
On Sen. McCain:
Senator John McCain has also pledged to address the struggles of working Americans. Both candidates say their energy plans will create jobs. But Mr. McCain emphasizes more high-end tax cuts as the main engine for new jobs. Tax cuts are always politically popular. As job generators, however, they are a loser strategy, especially now. The Bush era, with its huge tax cuts, has the worst job-creation record of any post-World War II economic cycle.
We, like the Times, think that Sen. Obama is on the right track here. Says the Times:
Obama should sharpen his promising ideas. Mr. McCain has yet to address the real economy’s real problems head on.
In related news, Sen. Obama had this to say on new budget deficit numbers:
“Today, we learned that Washington has run up a record budget deficit of $407 billion this year, more than $1 trillion worse than the budget surplus President Bush promised for 2008 in his first budget. John McCain wants us to think he represents change, but he wants to spend $3.4 trillion more than President Bush on tax cuts, most of which will go to the wealthiest corporations and big oil companies and leave more than 100 million middle-class families without a dime of tax relief. Barack Obama will bring real change by cutting taxes for middle-class families and small businesses, paying for all his proposals to reduce the deficit, and will put America on a path towards fiscal responsibility and a stronger economy,” said Senator Barack Obama.
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