The Case

The Basics

Why An Economy for All?

Conservatives call the state of the economy the “greatest story never told,” but in reality it’s an economy reminiscent of the Gilded Age. The myth of a booming economy does not reflect the everyday experiences of working-class Americans. In fact, most Americans see the nation either in or near a recession. We need a broad reassessment of our economic policies.

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The Challenge

Our great challenge in the global economy is to develop a strategy for building a shared prosperity. How do we ensure that the blessings of trade and productivity are widely spread, and end the proverbial race to the bottom unleashed by the global economy?

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Conservative Failure

The conservatives have had their way. President Bush’s self-declared "CEO administration" has pushed through tax cuts favoring the rich and corporations. The results are working for the elite, but not for everyone else.

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Progressive Solution

To build shared prosperity, we need to adopt a broad economic strategy that reflects the increasingly globalized nature of the American economy and enables working families to share in the prosperity and productivity they produce.

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Elevator Speech

We need to change course. Conservatives say everyone is on their own, but that's never been true about America. We're all in this together, and we all do better when the benefits of prosperity are widely shared. We need new policies that put people first.

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Talking Points

Isaiah J. Poole's picture

CAF STAFF

'Tax Freedom Day': Misleading Propaganda

By Isaiah J. Poole
April 23rd, 2008
Footnote: 

Robert Greenstein and Aviva Aron-Dine. "Tax Foundation Figures Do Not Represent Typical Households' Tax Burden." Center on Budget and Policy Priorities. April 23, 2008.

A right-wing group called The Tax Foundation declared April 23 "Tax Freedom Day," representing the time it takes "Americans" to earn enough money to pay their federal, state and local taxes. more »

Isaiah J. Poole's picture

CAF STAFF

No Public Gains from Capital Gains Tax Cuts

By Isaiah J. Poole
April 18th, 2008
Footnote: 

Experts Agree that Capital Gains Tax Cuts Lose Revenue." Center for Budget and Policy Priorities. April 18, 2008.

Conservatives, and some in the media, say that a cut in capital gains taxes will stimulate economic growth enough to actually increase government revenue. more »

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Pro vs. Con

CONservative Spin:

“In answer to the question, 'Are you better off today than you were before George Bush took office more than seven years ago,' if you look at the overall record and the millions of jobs that have been created since President Bush took office, you could make an argument that there's been great progress economically over that period of time.”
Isaiah J. Poole's picture

CAF STAFF

PROgressive Response:

By Isaiah J. Poole
April 18th, 2008
Related Topics:

Here are the facts:

  • Between March 2001 and March 2008 the nation lost almost 3.3 million manufacturing jobs, and only gained 5.3 million jobs overall—just slightly more than half the number of jobs needed to keep pace with the 9.8 million people added to the labor force during that period. That's why the unemployment rate is 15.7 percent higher in March 2008 than it was in March 2001. (Bureau of Labor Statistics)
  • The share of the population with jobs declined from 64.3 percent of the population in March 2001 to 62.6 percent of the population in March 2008. It's the first time on record that a period of "economic recovery" has been marched by an actual decline in the employment rate. (Bureau of Labor Statistics, Economic Policy Institute)
  • Hourly wages rose 3.6 percent over the past year, the slowest growth rate in two years, and well behind recent inflationary readings, which have been around 4 percent. What's worse, employees on average have been keeping their workers on the job for fewer hours in the past year, so weekly earnings are up only 3.3 percent over the past year. (Economic Policy Institute).
  • Since the late 1990's, average incomes fell by 2.5 percent for those in the bottom fifth of the income scale and rose by just 1.3 percent for those in the middle fifth. Meanwhile, incomes climbed 9 percent for those in the top fifth, not counting income from capital gains. (Economic Policy Institute)
  • At the same time, the consumer price index from March 2001 to March 2008 has increased 17.5 percent. (Inflation Data.com)
  • People in the top 1 percent of the income bracket captured about half of the overall economic growth between 1993 and 2006. (Emmanuel Saez, University of California, Berkeley)
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