The Biggest Problem In America is The Economy
By: Jesse Valle
The most important issue in this year's election is the economy.
Unfortunately, this topic has now been "politicized," which means that you can't talk about it without being instantly cheered or jeered by fans of each respective political team. But the economy is much more important than this year's election or either political team.
There are several factors that have come together to produce a frustratingly weak economy that has persisted in the United States for more than a decade. One of those things are "Globalization". It opened up a vast pool of billions of workers who for way less than Americans because they're desperate. This messes up everything, it has resulted in companies shifting formerly middle wage paying jobs overseas. Another is Technology it has continued to increase productivity, allowing companies to do more with fewer employees.
These and other factors have contributed to the most radical redistribution of wealth that the United States has ever seen. Since the late 1970s, the country's assets and income have moved steadily from "average" Americans to the richest Americans. This has created a society with more extreme wealth inequality than we have seen at any time since the 1920s.
Fairness aside, the problem with this state of affairs is that it leaves hundreds of millions of American consumers the real engines of the economy with little money to spend. With consumers having little money to spend, businesses suffer. As businesses suffer, they look for ways to cut costs. And this, in turn, hurts employees (consumers) even more.
One thing to keep in mind as we think about how to fix this state of affairs is that this is not an era in which everyone is suffering. Everyone is not suffering. Big companies and their owners and senior managers are not suffering. They are doing great. Big companies and their...