We are the richest country humanity has ever seen, and we are at our richest moment. Yet hardworking Americans keep coming home to "a plate full of worry." This is largely because over the last few decades the wages of the bottom 80 percent of Americans have fallen or stagnated while the super-rich rake in all the profits. We can do better, and we must.
I recently came across several profiles in The Huffington Post's series "All Work, No Pay: The False Promise of the American Economy." I strongly disagree that the promise of America is false, but the moving profiles of Americans struggling to make it in today's economy do tell an important story. I am writing to explain how I believe conservative reforms will create opportunity for all.
Their new tax plan builds on Senator Lee's 2014 plan and creates something that's even more tilted in favor of the country's highest-income people, and likely much more fiscally irresponsible. And, like last year's plan, it not only excludes most working-poor families from its new child tax credit but allows much of their existing child credit to disappear after 2017.
The good news about the economy's improved job creation dominated the weekend's headlines. Many commentators concluded that the economy is finally shaking off the effects of the financial collapse of 2008 and the long period of stagnation that followed. But the one-year increase in wages has been only 2.2 percent, barely more than 1 percent when adjusted for inflation, and it's been a long time since most workers have seen substantial raises. In this recovery, the economy has been creating more low-wage jobs than high-wage ones. The shift from standard payroll jobs to temp and contract work continues. The uptick in the measured unemployment rate suggests that discouraged workers are only just coming back into the labor force and we are a long way from full employment. Even at the present rate of improved job creation, it will be 2017 before we get back to the pre-recession level of unemployment.
The major reversal from deep decline to economic growth occurred despite Republican opposition to President Obama's proposals, repeated GOP threats to default on our debt obligations, and an incredibly harmful 16-day government shutdown. And not only have Republicans stood in the way of Democratic policies, but they're now attempting to take credit for the recovery itself.