'Thank' the statists: Monopoly Power and the Malfunctioning American Economy

How the 1920s can help us solve the 2020s

'Thank' the statists: Monopoly Power and the Malfunctioning American Economy Stoller_Long_Review

“Tax reform has delivered for workers!”
So proclaims a recent editorial in The Wall Street Journal by Gary Cohn, former director of the National Economic Council under President Donald Trump. The onetime Goldman Sachs senior executive mounts a vigorous defense of the 2017 tax bill, calling it a victory for supply-side economics and for the American people.
In the past decade the gap between income growth for ordinary Americans and that for their wealthiest countrymen has widened at a rate unseen since the Gilded Age. As a result, populists now openly challenge neoliberalism from both the left and the right. Talk of tax cuts and trickle-down effects by financial elites is a rearguard action fought on behalf of a crumbling economic consensus. Like the delusional Vietnam War–era generals who pointed to rising body counts as progress toward victory, Mr. Cohn, President Trump, and others frequently refer to a soaring stock market and low unemployment as indicators of a “surging economy.”
At this point many of us understand that beneath the hood, the once powerful American engine of mass prosperity is malfunctioning. When 10 percent of the American population owns 80 percent of equities, a 35 percent gain in the Nasdaq is a vanity metric rather than a true indicator of system performance. Similarly, low unemployment rates mask the neo-serfdom of the sharing economy — and thus tell only part of the story.

https://www.institutionalinvestor.com/article/b1jz6grn07x012/Monopoly-Power-and-the-Malfunctioning-American-Economy

'Thank' the statists: Monopoly Power and the Malfunctioning American Economy

'Thank' the statists: Monopoly Power and the Malfunctioning American Economy

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