All posts tagged: growing rebelliousness of the American worker

Welcome to the Post-tweezer Economy

Welcome to the Post-tweezer Economy

[ad_1] If there’s one thing the White House and its critics seem to agree on, it’s that the Biden administration’s approach to economic policy—which it has branded “Bidenomics”—is a sharp break from how things have been done for the past several decades. “Forty years ago, we chose the wrong path, in my view,” Joe Biden said at an event in July 2021. But what exactly was that wrong path—and what is Biden’s economic team trying to do differently? In the 1970s, policy makers faced a conundrum. The long postwar boom seemed to have sputtered out. Inflation was rising while unemployment remained high—a combination that mainstream economists had previously thought impossible. Political leaders were under pressure to figure out what was holding back the economy. A group of economists from the University of Chicago believed they had the answer: regulations. According to these theorists, the ideal economy was one in which money and goods flowed smoothly according to the laws of supply and demand. But regulations on American business introduced friction into the gears of capitalism, …

The Most Overlooked Element of the Biden Agenda

The Most Overlooked Element of the Biden Agenda

[ad_1] If there’s one thing the White House and its critics seem to agree on, it’s that the Biden administration’s approach to economic policy—which it has branded “Bidenomics”—is a sharp break from how things have been done for the past several decades. “Forty years ago, we chose the wrong path, in my view,” Joe Biden said at an event in July 2021. But what exactly was that wrong path—and what is Biden’s economic team trying to do differently? In the 1970s, policy makers faced a conundrum. The long postwar boom seemed to have sputtered out. Inflation was rising while unemployment remained high—a combination that mainstream economists had previously thought impossible. Political leaders were under pressure to figure out what was holding back the economy. A group of economists from the University of Chicago believed they had the answer: regulations. According to these theorists, the ideal economy was one in which money and goods flowed smoothly according to the laws of supply and demand. But regulations on American business introduced friction into the gears of capitalism, …