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The Axis of Middle Class Misfortune

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Not surprisingly, it paid off.

At the same time, the U.S. Congress re-wrote the rules of campaign finance for federal office, reduced the role of political parties as the middlemen who directed the collection and disbursement of campaign funds, and replaced them with a direct flow from various constituent interest groups to the candidates.

This arrangement locked in the rightward and leftward trajectory of the GOP and Democrats respectively and tied those elected to the money and its interests. And there is now no tie that binds like that between Wall Street, the Congress and the administration.

The axis of middle class misfortune.

In order to restore the prosperity of the American middle class, there must be massive jobs creation. Infrastructure is the place to start.

This will help stimulate American manufacturing, but will not be sufficient to restore it as an engine of American prosperity and take full advantage of the U.S. domestic market of 340 million – a huge asset.

U.S. imports, especially from Asia are declining as a result of the collapse of the U.S. economy. When the economy recovers, the policy of the U.S. must be to depress imports from these and other low wage paying countries, in favor of those from higher wage paying countries like Europe, to put the U.S. on a competitive basis in its domestic market.

U.S. wages must rise and corporate profits decline. But that will never happen so long as Wall Street owns Washington. To break that stranglehold, there must be public financing of federal elections.

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www.papublicbankproject.org

Author of the forthcoming novel "Pursuits of Happiness," a director of the Public Banking Institute and chairman of the Pennsylvania Project. Mike is an international transportation and logisics executive with broad experience in U.S. government and (more...)
 
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