I certainly hope that Ken Miller's prophecy of a return to an economy where labor and capital are valued equally comes to pass. Commerce is supposed to benefit everyone--a thesis that was very much a part of discussions and writings during this country's founding, and that we have lost sight of as a result of our obsession with wealth.
For too long (probably since the mid-'70s) we have measured "progress" in the economy using numbers which tell nothing about the conditions for middle-class and lower-income people. Increases in GDP and productivity are hailed as evidence that everything's coming up roses, while unemployment (a number that definitely does not measure real joblessness) is glossed over as a less meaningful fact of life in the capatalist system. Perhaps we could employ some of the math whiz kids, who concocted derivatives no one can figure out, to come up with a single number that expresses how everyone in the economy is doing.As for tax cuts, I think we are well past the point of diminishing returns, where tax cuts result in an increase in revenues. Also, if tax cuts are given to businesses, who create jobs, the people taking those jobs wind up paying for the business tax cuts with taxes on their wages.
Feb 12 2009 - 12:06pm