Silences Louder Than Their Words: Effective Economic Policies Neither Candidate Advocates

By Richard D Wolff, Truthout | Op-Ed

Neither Mitt Romney nor Barack Obama even mentions six alternative economic policies that, deployed together, would reduce unemployment, increase workers’ real earnings and decrease the federal deficit.

This presidential election arrives five years into a severe economic crisis that both Republican and Democratic policies failed to end. The latest unemployment rate (7.8 percent) is not even halfway back to the 2007 level of 5 percent, from the crisis high of 10 percent. Jobs have not recovered, but corporate profits and the stock market did, thanks to huge government bailouts. Average real weekly earnings of most workers fell 2.4 percent from October, 2010, to the present – during what business, media and political leaders enjoyed calling a “modest recovery.” That 2.4 percent real wage drop means that workers lost the equivalent of six days’ wages (one week and one day) per year between late 2010 and now. Income and wealth inequalities thus deepened further across the crisis. No end of these developments is in sight.

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