Where is the economic leadership?
Clark posted the following entry to his blog on September 14, 2005
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Yes, we certainly still have serious problems in Iraq, as a series of bombs today that killed over 160 people sadly reminds us. And the response to Katrina should be of great concern to every American as we expected more from the Department of Homeland Security after 9-11, not to mention the failure of leadership from the President.
But of even greater concern over the long-term, something that underlies all of the problems we're talking about, is the continuing tilt of wealth at the expense of ordinary Americans. Steven Pearlstein writes in today's Washington Post:
Despite four years of economic growth, driven by impressive productivity gains, the average worker is no better off than he was in 1997.
Late last month, the government reported that inflation-adjusted income for the median household fell for the fifth year running. During the same five-year period of recession and recovery, the number and percentage of households in poverty has also risen.
So where have the benefits from economic growth gone?
Some have gone to the top 20 percent of households in the form of higher salaries and bonuses. This is the only class that has seen its income rise.
The rest of the benefits have gone to those who own stocks, bonds and real estate -- for the most part, the same 20 percent. Normally, the share of national income going to holders of capital declines during the later stages of an expansion. But four years into the recovery, capital's share of national income is still rising, and at 17.7 percent remains near the top of its historical range.
The Bush Administration's failure to allocate the appropriate resources to ensure every American has an opportunity to succeed is a problem we must not ignore. America cannot afford to ignore the talent of those less fortunate. This is neither efficient nor effective. Instead we need to bring out the best in every American if we hope to strengthen this country, compete internationally, and protect the economic and social security of even the wealthiest Americans.
We are one nation. We are bound together by geography, law, culture, values and family. Underneath all the concerns about Iraq and Katrina remember this: the economic policies of the Bush Administration are not serving the best interests of America.
-Wes
