Daily Clips: May 8th, 2015
The Bankruptcy of Republican Thought
New Republic – Danny Vinik.
In January of this year, the Center for American Progress released a report which offered a host of solutions to America’s weak economic and wage growth. These included increased infrastructure spending, raising the minimum wage, and expanding the Earned Income Tax Credit.
Unsurprisingly, these ideas were not universally heralded. In a recent article in the National Review, Ramesh Ponnuru and Yuval Levin condemned the report and its policy prescriptions as “not well suited to the circumstances and challenges of contemporary American life.”
Even though I disagree, let’s grant them this statement. Let’s say these policies aren’t well suited to helping America. Then what is the other side offering to help low and middle class Americans? If I can paraphrase Ponnuru and Levin’s own thoughts: not much. They rightfully concede that,
[t]he last two Republican presidential campaigns were fairly light on policy ideas, and the overall message they conveyed to voters was that all would be well if the federal government restrained spending, liberated entrepreneurs from regulation, and cut taxes, especially on businesses.
We’re nearly four years removed from our nation’s last general election and Republican policies remain virtually unchanged. In short, their ideas in 2016 are going to be stale or worse – laughable (I’m looking at you, flat tax proponents). If the Republicans hope to win back the White House, they must stop being the party of ‘no’ and ‘repeal’ and instead actually offer bold policy recommendations which go beyond tax cuts, less regulation and smaller government.
Democrats may not have all of the solutions or all of the best ideas. But at least they are evolving and trying new concepts. Republicans should take note.
US economy has a strong jobs report: After disappointing job numbers in March, the US added 263,000 jobs this April, dropping the unemployment rate to 5.4%.
California city plans $16 minimum wage by 2019: Emeryville, a small city of 10,000 in the Bay Area, has approved what would be the nation’s highest minimum wage. Emeryville City Councilwoman Dianne Martinez said after the 5-0 vote on Tuesday by the city council, “Just as our workers are creative enough to make a living off of minimum wage and support their families, I think our businesses will be creative enough to make it work and we’ll all lift up together.” That’s a heck of a quote.
UK election goes to the Conservatives: UK Prime Minister David Cameron is a happy man. With all electoral districts declared, the Conservatives took 331 seats to 232 for the Labour Party, and the Liberal Democrats secured just eight seats. Now that he has a parliamentary majority, Cameron will be free to pursue his party’s policy platform including reductions in income tax and inheritance tax. Piketty must be absolutely thrilled.
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