Quote of the Day

[Content Note: Class warfare.]

"The Federal Reserve, increasingly optimistic about the economy, is dialing back its stimulus efforts. ...The official line is clear: The worst is over, and recovery has given way to expansion. But that's not the whole story. Economic gains so far have mostly benefited those at the top of the income and wealth ladder. Worse, future growth is likely to be lopsided, because the foundation for broad prosperity is arguably the weakest it has been since World War II."—The New York Times editors, in a piece aptly headlined: "Recovery for Whom?"

It is a strong and necessary piece—although it focuses on generational disparities to the exclusion of other imbalances, including the gendered pay gap and the racial wealth gap, as but two examples.

These structural social imbalances not mentioned in the piece are absolutely on-topic for this thread.

I really appreciate that they pointed out the fallacy of the education-will-solve everything trope: "[T]hose in the 25-to-34 age group are the best educated cohort in American history, with more than a third having a bachelor's degree or higher. Education is important. But clearly, education alone does not create jobs and opportunities that lead to prosperity. For that, a fair and functional economy is needed—one in which the government plays a robust role, alongside consumers and businesses, to promote full employment and to ensure a just distribution of gains."

Yes. Yes.

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