Economically, diplomatically, socially and militarily, America’s fortunes have declined precipitously during the past several years.
Each of those four areas, of course, is individually worthy of an intensive, lengthy analysis, but it is the consistency of deeply disappointing results across a broad spectrum that should be examined. The common thread that runs throughout Washington’s approach to each area is the pursuit of immediate gratification policies that are politically attractive in the short term, but will cause extensive long term crises. Over the next several days, the New York Analysis of Policy & Government will briefly outline each topic, describing how—and why– the nation’s condition has deteriorated. Today’s issue is the national economy.
The National Economy
Lower household income, extremely low job participation rates, deficit federal spending, and minimal business start ups all point to an economy in deep trouble. These distressing trends, in most cases, can no longer be called a result of the 2007 recession. They are caused by ruinous policy enacted since 2009.
According to Sentier Research, The July 2014 median household income of $54,045 was 2.9 percent lower than the median of $55,639 in June 2009.
America is hemorrhaging jobs, and new business start ups are at an unacceptably low level. The reasons are neither mysterious nor unsolvable. Washington continues to impose the highest corporate tax levels on the planet, as well as excessively high personal taxation. It is rapidly expanding a daunting regulatory regime that actively works against business formation and job creation. The evidence is clear and extensive. Writing in the Wall Street Journal, Andy Puzder, CEO of CKE Restaurants, criticized the “feel good” goal of a 40% increase in minimum wage, advocated by many progressive politicians, which will result in a dramatic loss of jobs. America’s labor force participation rate is at its lowest rate since 1978.
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Some of the excess, including dramatically increasing spending on programs loosely termed welfare, can be seen as simple politics. A large portion of the public supports these efforts. Other endeavors, such as staunchly advocating for a higher minimum wage, and the extraordinarily expensive Affordable Care Act legislation, while more controversial, still garner significant support and widespread adulation in the major media. The long-term effects are drawbacks to employment growth and prosperity as a whole even as many individuals receive short-term benefits.
While ruinous in the long term, the reason these policies have been enacted is at least comprehensible from a populist political worldview. But there are other areas which have no plausible explanation.
There is no justification for the incredible waste that took place in the stimulus program, in which over $700 billion was spent without any discernible accomplishment. The White House attempted to draw a comparison with FDR’s New Deal. The comparison is inaccurate. New Deal programs produced buildings, parks, roads and dams. The stimulus developed nothing. It may well have been the greatest single wastage of funds in recorded history.
Despite an abundance of energy resources on federal lands that could make both corporate and individual lives far less costly, The White House chooses to intentionally keep them off the market while simultaneously working to eliminate current sources such as coal. Keeping energy prices high is a guaranteed way to hinder the economy.