It's Economic Dignity, Stupid

I’m sure you all remember when Bill Clinton ran for President in 1992, James Carville’s precinct slogan, “it’s the economy stupid” was a fundamental foundation of the campaign.

It was effective because it captured, in perhaps a more innocent time, the essence of the economy that personally impacted every single American.

Today, almost 30 years and a p
olitical chasm latter it seems there are many economies. The Wall Street economy, the economy of the one-percent, the middle class, those struggling to make ends meet, and those totally left behind. The “economy” is no longer a catchword that is a big tent for all.

Just look at the current situation as 35 million Americans are out of work, lines at food banks stretch for miles, and yet the stock markets are hitting new highs.

Today, the current pandemic and its resultant economic crises are an accelerant to further these divisions. So as we look out amidst massive unemployment and an even greater economic divide and we wonder if there might be a common goal that the economy should represent and strive for?

Former Clinton and Obama economic advisor Gene Sperling things so and he outlines it in Economic Dignity

My WhoWhatWhy conversation with Gene Sperling: 

It's the restructuring, stupid

The ever insightful Richard Florida explains why we have to be mindful of bailouts.  It's the dramatic restructuring our economy that needs attention. We need do be doing what Fallows says the Chinese are doing  Money quote from Florida:

On the other hand, there is the classic question: What better and more effective things might have been done with these trillions? That’s for historians to ponder and decide. But the combination of the massively misallocated resources produced by the bubble (plus the costs of military adventures) combined with humongous bailout spending puts the U.S. behind the economic eight-ball in a way it has not been in more than a century. Having hold on the reserve currency helps, but it cannot absolve all these compounded sins. Sooner or later the money will run out; bills will come due.