By Robert Kuttner
Just about nothing being proposed in mainstream politics is radical enough to fix what ails the economy. Consider everything that is destroying the life chances of ordinary people:
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Young adults are staggered by $1.3 trillion in student debt. Yet even those with college degrees are losing ground in terms of incomes.The economy of regular payroll jobs and career paths has given way to a gig economy of short-term employment that will soon hit four workers in 10.The income distribution has become so extreme, with the one percent capturing such a large share of the pie, that even a $15/hour national minimum wage would not be sufficient to restore anything like the more equal economy of three decades ago. Even the mainstream press acknowledges these gaps.
The New York Times's Noam Scheiber, using Bureau of Labor Statistics data, calculated that raising the minimum wage to $15 for the period 2009 to 2014 would have increased the total income for the 44 million Americans who earn less than $15 an hour by a total of $300 billion to $400 billion. But during the same period, Scheiber reported, the top 10 percent increased its income by almost twice that amount.