Posts Tagged ‘Mark Thoma’

Why don’t politicians care about working people?

March 28, 2013
Mark Thoma

Mark Thoma

Mark Thoma, professor of economics at the University of Oregon and host of the Economist’s View web page, wonders why politicians in general and Democrats in particular are so little concerned about the plight of American working people.

Consider… four facts from a recent speech by Federal Reserve Governor Sarah Raskin.

  • First, around two-thirds of the jobs lost during the recession were in moderate-wage occupations, but more than one-half of subsequent job gains have been in low wage jobs.  As she says, recent job gains have been largely concentrated in lower-wage occupations.
  • Second, since 2010 the average wage for new hires has actually declined.
  • Third, about one-quarter of all workers are “low wage” (just over $23,005 per year in 2011 dollars).
  • Finally, involuntary part-time work is increasing, and more than a quarter of the net employment gains since the end of the recession involve part-time work.

[snip]

I don’t blame Republicans for their efforts.  I wish the working class was more important to Republicans, and I cannot understand their indifference to the struggles of so many people.  But that’s not who Republicans are.  Fundamentally, it’s the party of the rich and this is a chance to lower government spending and reduce the pressure for tax increases on high-income households.

I do, however, blame Democrats for allowing them to be successful.  Even though unemployment is extraordinarily high and job opportunities, when they exist at all, are mostly at reduced wages, and even though the future for the working class looks increasingly bleak, too many Democrats have aided and abetted Republicans in this diversion of attention from jobs to the national debt.

Click on Why Don’t Politicians Care about the Working Class? for Thoma’s entire article.

Click on Focusing on Low- and Moderate-Income Working Americans for Sarah Raskin’s speech.

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