For example, the capital efficiencies that arguably came from relying on “just in time” deliveries of masks and gowns and gloves and other basic medical supplies offshored to low-cost Chinese manufacturers surely cost American lives during the early months of the COVID-19 pandemic, while the subsequent shortage of semiconductors, mostly designed in America but efficiently manufactured overseas, ground our automobile industry to a halt for want of a domestic supply at any price.
Bidenomics flatly rejects the prior consensus that our economic policies should maximize capital efficiency above all else. As U.S. Trade Representative Katherine Tai declared in a speech .. https://ustr.gov/about-us/policy-offices/press-office/speeches-and-remarks/2023/june/ambassador-katherine-tais-remarks-national-press-club-supply-chain-resilience .. at the National Press Club in June, “today, labor leaders, CEOs, foreign leaders, and the President’s National Security Advisor all agree: our global supply chains, which have been created to maximize short-term efficiency and minimize costs, need to be redesigned for resilience.” This break from our decades-long infatuation with so called “economic efficiency” is not merely a break with Reaganomics. It is a break with economic orthodoxy itself.
Reaganomics offered a simple, compelling, and coherent story of growth that was well-grounded in orthodox economic theories—and over the past forty years, both in theory and in practice, it has catastrophically failed. Thanks to its trickle-down regime of tax cuts for the rich, deregulation of the powerful, and wage suppression for everybody else, nearly all of the gains of the past four decades have been captured by those at the top, resulting in a $50 trillion upward redistribution of wealth and income .. https://time.com/5888024/50-trillion-income-inequality-america/ .. from the bottom 90 percent of Americans to those in the 1 percent. The vast majority of Americans now work longer hours for less money than they would have under the pre-Reaganomics regime. The American middle class has grown smaller, poorer, angrier, and less resilient. Even before COVID-19 hit, the U.S. was suffering through the longest stretch of life expectancy decline since the Spanish Flu pandemic of 1918, a uniquely American crisis the economists Anne Case and Angus Deaton attribute to “deaths of despair .. https://press.princeton.edu/books/hardcover/9780691190785/deaths-of-despair-and-the-future-of-capitalism ”.
“Government is the problem,” not the solution, Reagan famously declared in his first inaugural address. The nihilism implicit in Reaganomics, a market fundamentalist ideology that tells us if the market cannot provide the secure and dignified lives we crave then nothing can, is draining Americans of hope.
In fact, on average, on job growth, wage growth, productivity growth, GDP growth, and nearly every other economic metric—even stock market returns—the economy consistently performs better under Democratic administrations than under Republicans. Even economists schooled in the old economics acknowledge the facts .. https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.20140913 , though they appear unable to explain them: “The superiority of economic performance under Democrats rather than Republicans is nearly ubiquitous,” observed noted economists Alan S. Blinder and Mark W. Watson in the American Economic Review. “[I]t holds almost regardless of how you define success. By many measures, the performance gap is startlingly large—so large, in fact, that it strains credulity, given how little influence over the economy most economists (or the Constitution, for that matter) assign to the president of the United States.”
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