"It's the economy, stupid"

I’d have to echo a few of the other comments previously posted and say this is one of the more depressing series of articles we’ve read thus far. (First because of the Atlantic article is not very encouraging for 4th years entering the job market and adulthood at that.) Further, linking together the principle points made by each author, from Bartels who summons some empirical evidence for the unresponsiveness of politicians to the lower (and middle) classes and then from the other authors who demonstrate the growing economic disparities in this country and its consequences, the ultimate conclusion is not a hopeful one. In a later chapter Bartels cynically refers to a “debilitating feedback cycle linking the economic and political realms” suggesting that as disparities continue to grow, political policies will increasingly reflect the interests of fewer Americans while reinforcing the existing disparities. Thus not only did this week’s articles paint a sorry picture of America today as we slowly make our way out of the Great Recession, but also of the America of the future. So much for the American Dream.

And in the midst of this Great Recession and a recent election that centered largely on the economy, the articles were especially timely. So much so, that who to blame and how to fix the economy, the joblessness, the country, etc. was a lively, if hotly debated, topic at my Thanksgiving dinner table. Everyday citizens, politicians and economists alike all seem to have an opinion. The Reagan Era, the Clinton Era, the wars, NAFTA, China, lack of innovation, unions, Wall Street, the sub-prime mortgage market, under-regulation – some complex amalgamation of all these circumstances, each compounding the other, is likely to blame.

In light of the points that Bartel raises about policies generally favoring wealthier Americans, I couldn’t help but think of the Bush Era tax cuts for the top 2% of income-earners. I wouldn't suggest that this policy is to blame for our current economic ills, but it seems a near-perfect example of a policy that directly favors the wealthiest Americans and is also, by and large, supported by the Republican party – also a trend Bartels verified. Since the tax cut is to expire at the end of the year, the lame-duck Congress is posed to debate and decide on its extension, a politically charged decision for those in Congress as well as the Obama administration. Purportedly, a majority of Americans favor extending tax cuts to the wealthiest two percent of Americans. I cannot think of a worse policy that better reflects The State We’re In: a sincere and seemingly widespread disillusionment about the wealth disparities in this nation the lack of political will to challenge those disparities. The argument goes that cutting this tax bracket a break will stimulate the economy (via the trickle-down effect) and thus is many ways also a reflection of the Democrat vs. Republican take on economic policy. But for the most part, this policy did not prove the to be the cure-all solution to our economic woes by stimulating the economy and creating jobs. Politics and economics aside though, it undoubtedly seems a policy whereby Congress is more responsive to higher income Americans than to lower income Americans.