Reprinted from Robert Reich Blog
The President blames himself for the Democrat's big losses Election Day.
"We have not been successful in going out there and letting people know what it is that we're trying to do and why this is the right direction," he said Sunday.
In other words, he didn't sufficiently tout the Administration's accomplishments.
I respectfully disagree.
If you want a single reason for why Democrats lost big on Election Day 2014 it's this: Median household income continues to drop.
This is the first "recovery" in memory when this has happened.
Jobs are coming back but wages aren't.
Every month the job numbers grow but the wage numbers go nowhere.
Most new jobs are in part-time or low-paying positions. They pay less than the jobs lost in the Great Recession.
This wageless recovery has been made all the worse because pay is less predictable than ever.
Most Americans don't know what they'll be earning next year or even next month. Two-thirds are now living paycheck to paycheck.
So why is this called a "recovery" at all? Because, technically, the economy is growing.
But almost all the gains from that growth are going to a small minority at the top.
In fact, 100 percent of the gains have gone to the best-off 10 percent. Ninety-five percent have gone to the top 1 percent.
The stock market has boomed. Corporate profits are through the roof. CEO pay, in the stratosphere.