How did we get in this mess? Historically low wages, pensions eliminated, rapidly rising health care costs and jobs exported. The historians and economists can see the turning point even though the politicians are hiding it from the rest of us.
It was our fateful rejection of the New Deal system in 1980 and shift to the trickle-down economic theories that still control our economy today. The politicians’ purpose was to tame inflation and boost profits by depressing wages and benefits.
Their objective was to lower prices by lowering costs. They might have aimed for improved efficiency and higher quality like Germany. But they believed the lower costs technique would act faster. It worked as they wanted and we’ve been stuck in that gear ever since.
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