Blog Credo

The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.

H.L. Mencken

Thursday, October 4, 2018

Men Of Steel

This is a fascinating and fair piece about how steel workers are despairing of seeing their wages and numbers increase despite Trump's tariff supports for the steel industry.  Basically, Trump's tariffs have, in fact, boosted US steel production, but for various reasons, the workers are unlikely to benefit nearly as much as they should.

This is consistent with what we are seeing across the economy.  The GOP tax plan has put billions back into corporations, and they are using that money for stock buy-backs and executive bonuses, but wages remain stubbornly stagnant.  This is a problem that has both political and macroeconomic roots.

Minimum wages work.  Labor regulations work.  Efforts by the Republican Party since 1980 to erode worker's leverage in the economy means that they are not benefiting from a robust economic expansion.  Times, generally speaking, have been good since about 2011, but those "good times" have not translated into improvements in the working and living conditions of most Americans.

In the article, the steel industry points to rising health care costs as a driver in reducing worker compensation.  Of course, a universal health care system would help there.  In fact, increasing access to day care, elder care and post-high school education would also help improve the lot of American workers.  One party is talking about doing that, the other is talking about blocking it. 

Vote accordingly.

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