(Surprise: So Do Economists)
"We believe that America's prosperity must rest upon the broad
shoulders of a rising middle class," President Barack Obama said in his
second inaugural address Monday in Washington, D.C. It sounds like a
remarkable, even wishy-washy, bromide. In fact, it's the backbone of a
bold and somewhat revolutionary new economic policy.
Many people suspect there is a trade-off between what is good for profitability and what is good for workers. It's the underlying narrative for today's economy: Business and government leaders have to make tough choices--choices that sometimes mean a business cannot afford to pay workers a living wage or that our government cannot afford to provide services to the poor or income support to the elderly.
Many people suspect there is a trade-off between what is good for profitability and what is good for workers. It's the underlying narrative for today's economy: Business and government leaders have to make tough choices--choices that sometimes mean a business cannot afford to pay workers a living wage or that our government cannot afford to provide services to the poor or income support to the elderly.
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