As the nation slowly starts down the road to economic recovery, we hear a steady drumbeat of calls to condition government assistance on meeting pre-virus social justice goals. From implementing regulatory burdens championed by environmentalists to restricting private enterprise by anti-capitalists and demands for protectionist trade policies, those on both the right and the left have taken Rahm Emanuel’s sinister advice following the 2008 Great Recession to heart: “You never want a serious crisis to go to waste.”
Life before the pandemic wasn’t perfect, but unemployment was at the lowest rate in fifty years and wages were on the rise. As recently as February, 74 percent of Americans surveyed said they believed they’d be better off financially in a year. And this economic optimism was well-founded. Michael Strain, author and economist, notes that over the past five decades, “the share of low-income households has fallen from 36% to 28%… And the share of households earning over $100,000 has tripled, rising from 10% to 30%.” The middle class was shrinking because many families were moving higher up the economic ladder.
Read more at The Hill.
Written by: Doug McCullough and Brooke Medina