“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.
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Paul Krugman: Trump Is Right on Economics
So Jeb Bush is finally going after Donald Trump. Over the past couple of weeks the man who was supposed to be the front-runner has made a series of attacks on the man who is. Strange to say, however, Mr. Bush hasn’t focused on what’s truly vicious and absurd – viciously absurd? – about Mr. Trump’s platform, his implicit racism and his insistence that he would somehow round up 11 million undocumented immigrants and remove them from our soil.
Instead, Mr. Bush has chosen to attack Mr. Trump as a false conservative, a proposition that is supposedly demonstrated by his deviations from current Republican economic orthodoxy: his willingness to raise taxes on the rich, his positive words about universal health care. And that tells you a lot about the dire state of the G.O.P. For the issues the Bush campaign is using to attack its unexpected nemesis are precisely the issues on which Mr. Trump happens to be right, and the Republican establishment has been proved utterly wrong.
To see what I mean, consider what was at stake in the last presidential election, and how things turned out after Mitt Romney lost.
New York Times Editorial Board: You Deserve a Raise Today. Interest Rates Don’t.
For most Americans, paychecks determine living standards. Unfortunately, wages in America have long stagnated or declined for most working people, including college graduates.
The disappointing employment report for August – in which wage growth showed no sign of accelerating – only drove home that reality.
Worse, flat or falling pay is self-reinforcing because it dampens demand and, by extension, economic growth. In the current recovery, median wages have fallen by 3 percent, after adjusting for inflation, while annual economic growth has peaked at around 2.5 percent. At that pace, growth isn’t able to fully repair the damage from the recession that preceded the recovery. The result is a continuation of the pre-recession dynamic where income flows to the top of the economic ladder, while languishing for everyone else.
Labor Day is a time for honoring the working people of this country. It is also a time to celebrate the accomplishments of the activists and organizers who fought for the 40-hour work week, occupational safety, minimum wage law, Social Security, Medicare, Medicaid and affordable housing. These working people, and their unions, resisted the oligarchs of their day, fought for a more responsive democracy, and built the middle class.
Today we can – and we must – follow their example. It’s time to rebuild the crumbling middle class of our country and make certain that every working person in the United States of America has a chance at a decent life.
Against overwhelming odds, the men and women of the labor movement changed society for the better. If you’ve ever enjoyed a paid vacation, a sick day, or a pension, they are the people to thank. And if you don’t have those benefits on your job today, they are the people who can help you get them.
The economic reality is that while our economy today is much stronger than when President George W. Bush left office 7 years ago, the middle class is continuing its 40-year decline.
Jared Bernstein: Jobs Report: Yes, the Unemployment Rate Is 5.1%. No, We Are Not At Full Employment
Job growth came in below expectations, as August’s payrolls grew 173,000, according to this morning’s jobs report from BLS. Private sector job growth was particularly weak, at 140,000, its weakest month since March. Wage growth remains tame — remarkably so, given the low unemployment rate, which fell to 5.1% last month — and the labor force remains historically low, suggesting significant numbers of potential workers remain on the sidelines, creating downward pressure on wages and a downward bias on the jobless rate.
The unemployment rate, as noted, fell from 5.3% to 5.1%, the lowest rate since April 2008 and the rate that the Federal Reserve believes consistent with full employment in the job market. The labor force remained flat in August, meaning the participation rate is still stuck at a low 62.6%, more than three points off of its peak prior to the downturn. Some of that decline can be assigned to retiring boomers, but some remains due to persistently weak demand.
The number of involuntary part-timers — those working part-time who want full-time hours — remains highly elevated at 6.5 million, though that trend too is moving in the right direction, down 700,000 over the past year.
Ralph Nader: Why Labor Day Matters
Here’s an experiment to try this holiday weekend. Quiz your friends, family and acquaintances on the meaning of Labor Day. You might be surprised by the answers you hear. To many, the true meaning of Labor Day has been unfortunately lost―it’s merely a three-day vacation weekend, unless you work in retail, in which case it is, ironically, a day of work and “special” sales.
Commercialists have transformed Labor Day into a reason for shopping. The fact that Labor Day was conceived as an occasion dedicated to America’s workers and what they have endured is sadly under-acknowledged and unappreciated. (In many other countries, the event is known as “International Workers’ Day” and is celebrated on May 1st.)
Labor Day is a time to celebrate America’s tradespeople―the plumbers, electricians, carpenters, painters, tailors, retail clerks and home health assistants. Celebrate the meat and poultry inspectors, building code inspectors, OSHA and Customs inspectors, sanitation inspectors of supermarkets and restaurants, nuclear, chemical and aircraft inspectors, inspectors of laboratories, hospitals and clinics. Celebrate the bus drivers, miners, and nurses. Celebrate the janitors who often thanklessly clean our office buildings, schools, airports, and more. The list goes on.
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