January 13, 2020

IT ISN'T EVEN DENTED:

Capitalism Isn't Broken (MICHAEL R. STRAIN, January 10, 2020, National Review)

* Now is a bizarre time to argue that capitalism is broken. The unemployment rate is at a half-century low, and employment (for prime-age workers) has recovered fully from the Great Recession.

* From the beginning of the Great Recession in 2007 through 2016 (the most recent year for which data are available), the Congressional Budget Office finds that inequality of post-tax-and-transfer income has fallen by 7 percent.

* Technology innovators -- who receive a lot of criticism in "late capitalism" discussions -- have created trillions of dollars of value for the American people.

* Median household income (after taxes and transfers) is up 44 percent since 1990.

The Left believes it's broken because classes they hate are doing well.  The Right thinks it's broken because races they hate are doing well.

Posted by at January 13, 2020 6:41 PM

  

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