Jeb Bush and Mitt Romney are zeroing in on inequality as America’s fundamental economic problem. Bush’s new Political Action Committee, called “The Right to Rise,” declares “the income gap is real” but that “only conservative principles can solve it.”
Mitt Romney likewise promised that if he runs for president he’ll change the strategy that led to his 2012 loss to President Obama [ the “makers” versus the “takers?”] and focus instead on income inequality, poverty, and “opportunity for all people.”
The Republican establishment’s leading presidential hopefuls know the current upbeat economy isn’t trickling down to most Americans. But they’ve got a whopping credibility problem, starting with trickle-down economics.
Neither party deserves a medal for reversing the trend, but evidence shows that middle-class and poor Americans have faired better under Democratic presidents.
Personal disposable income has grown nearly 6 times more with Democrats in the White House than Republicans.
Under Bill Clinton even the wages of the poorest fifth rose. According to research by economists Alan Blinder and Mark Watson, more jobs have been created under Democratic presidents as well.
These broad-based job and wage gains haven’t hampered economic growth. To the contrary, they’ve fueled it by putting more money into the pockets of people who spend it, thereby boosting business profits and hiring.
So let us see the change, that we may believe in. Just a thought.
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