Now’s the time to challenge economic orthodoxy—but only a massive social movement can turn things around.
The United States is entering the fourth year of its deepest downturn since the Great Depression. A stillborn economic “recovery” has distributed 88 percent of its benefits to corporate profits and one percent to wages and salaries. Ordinary Americans, pollsters tell us, have little faith that the economy will improve, and attribute hard times to the misdeeds of capitalists.
If ever there was a time to challenge economic orthodoxy, this would be it. Yet there has been no effective movement in the United States to ease the suffering of millions, shift patterns of growth and investment, and make job creation a priority. Handed opportunity on a silver platter, progressives have failed to seize it. Understanding that failure is the key to reversing it.